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Fitch gives EuroChem Global LPNs BB
Fitch Ratings said it assigned EuroChem Global Investments DAC's upcoming dollar-denominated loan participation notes (LPNs) an expected senior unsecured BB(EXP) rating.
The upcoming LPNs, offered in an exchange offer for the outstanding $750 million LPNs (also rated BB) due in December 2017, will be issued for the sole purpose of funding a loan by EuroChem Global Investments DAC to Russia-based JSC MCC EuroChem and will represent the limited recourse obligations of the issuer under a trust deed.
The notes will be guaranteed by Eurochem Group AG (BB/negative) and rank pari passu with the current and future outstanding senior unsecured and unsubordinated debt, including any remaining existing $750 million LPNs.
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