Moody's lowers OPTI Canada

Moody's Investors Service said it downgraded the probability of default rating for OPTI Canada Inc. to D in response to news that the company filed voluntary petitions for reorganization.

The agency also said it affirmed the company's Caa3 corporate family rating, along with the B2 rating on its C$190 million secured first-lien revolving facility, B3 rating on its $525 million secured first-lien 1B notes, Caa1 rating on its $300 million secured first-lien 1C notes and the Ca rating on the $1.75 billion senior secured second-lien notes.

The outlook remains negative.

The revolver lenders are the first ranking lenders, followed by the 1B notes and the 1C notes, Moody's said. The second-lien note holders rank last, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.