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Moody’s adds LD to MHP rating
Moody's Investors Service said it appended a limited default (/LD) designation to the Ca-PD probability of default rating of MHP SE changing it to Ca-PD/LD. The agency will remove the /LD designation from MHP's PDR after three business days.
On Nov. 9, the company announced that it had repurchased $150.8million of the $500 million 7¾% guaranteed notes due May 2024, the amount that was validly tendered during an offer process MHP launched on Sept. 25 and closed on Nov. 8. MHP paid $850 per $1,000 principal amount of 2024 notes. MHP canceled the repurchased notes, leaving $349.2 million of them outstanding.
“Moody's views MHP's bond repurchase as a distressed exchange given the debt was bought at a substantial discount to par and Moody's opinion that the transaction helped MHP to avoid a likely eventual default, given that the bonds mature in less than one year. A distressed exchange is considered a default under the rating agency's definition,” the agency said in a press release.
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