Fitch rates Puma International notes BB

Fitch Ratings said it assigned Puma International Financing SA's proposed senior notes issue of up to $300 million due in 2024 an expected senior unsecured rating of BB (EXP).

The expected rating is in line with the current rating of the 6¾% notes issued by Puma International.

Puma International is a Luxembourg-based financial vehicle wholly owned by Puma Energy Holdings Pte Ltd. The notes will be unconditionally guaranteed on a senior unsecured basis by Puma Energy and will rank equally in right of payment with all existing and future senior unsecured and unsubordinated obligations of Puma Energy.

Net issue proceeds are expected to fund a tender offer for part of Puma International's existing $1 billion 6¾% senior notes due 2021 and will otherwise be used for general corporate purposes.

The agency said the transaction should improve Puma Energy's debt maturity profile.

© 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.