S&P assigns B to Modernland Realty notes

S&P said it assigned its B long-term issue rating on the proposed US$150 million senior unsecured note to be issued by PT Modernland Realty Tbk.'s (Modernland: B/negative/--) special-purpose vehicle, JGC Ventures Pte. Ltd.

The issuer credit ratings and outlook on Modernland are not affected by the company's proposed issuance. Modernland will unconditionally and irrevocably guarantee the proposed note.

“The proposed transaction would remove near-term liquidity pressure on Modernland and extend the company's debt-maturity profile,” S&P said in a news release.

S&P noted that the majority of the note proceeds will go toward refinancing Modernland's near-term maturities, including the US$58 million note due in August 2019. The remaining amount will go toward land bank acquisition and general corporate purposes.

© 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.