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Moody's trims Tacora Resources
Moody's Investors Service said it downgraded Tacora Resources Inc.'s ratings, including the corporate family rating to C from Caa3, the probability of default rating to C-PD/LD from Caa3-PD and senior secured notes rating to C from Caa3. The /LD designation added to the PDR reflects the limited default.
Tacora missed an interest payment that was due on May 15 on its 8¼% due 2026 and then failed to cure the problem within the 30-day grace period. The downgrade to C indicates a below-average recovery for the noteholders in default, Moody’s said.
“On May 11, 2023, Tacora completed a consent solicitation process to make certain amendments to the terms under the notes, including a 60-day grace period for missed interest payments. An additional amendment was made on June 23, which allowed for a 120 day grace period. In addition, the company issued $27 million of senior secured priority notes due Sept. 8, 2023 (not rated). The existing rated secured notes are subordinated to the new priority notes,” Moody’s said in a press release.
The outlook remains negative.
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