Moody's: Pinafore tender is credit positive

Moody's Investors Service said that Pinafore Holdings BV's announcement that its tender offer for up to $475 million in aggregate principal amount of its 9% senior secured second-lien notes due 2018 has been oversubscribed is a positive credit development.

Concurrent with the tender offer, Pinafore received approval under a consent solicitation to amend its indenture to allow for increased restricted payments, including shareholder returns.

The benefits of the debt reduction under the tender offer are balanced against the potential for increasing shareholder returns under the consent agreement and result in no immediate change to the Ba3 corporate family rating, the agency said.

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