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Moody's rates Mongolian Mortgage senior debt B3
Moody's Investors Service said it assigned a B3 rating to Mongolian Mortgage Corp. HFC LLC's (MIK) proposed U.S. dollar-denominated senior unsecured debt.
The proposed senior unsecured debt is guaranteed by MIK's parent company, MIK Holding JSC.
The proceeds will be used to finance MIK's cash tender offer to repurchase its outstanding senior unsecured debt maturing in January 2022, to repay any remaining outstanding debt and for general corporate purposes, Moody’s said.
The entity-level outlook on MIK remains negative.
Moody’s said the B3 rating is in line with MIK's long-term foreign currency issuer rating.
On Jan. 14, in addition to issuance of the new senior unsecured debt, MIK also announced a tender offer on its $300 million 9¾% senior notes due January 2022 at 102, plus accrued interest.
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