Moody’s assigns Codere notes B3

Moody’s Investors Service said it assigned a B3 rating to the proposed €250 million super senior notes due September 2023, issued by Codere Finance 2 (Luxembourg) SA. Codere SA’s Caa3 corporate family rating and Caa3-PD probability of default rating remain unchanged. The outlook is negative.

On Monday, Codere announced an agreement for a refinancing with an ad hoc group of bondholders. The package includes issuing €250 million of super senior notes to provide added liquidity, repay the revolver borrowings and pay fees and expenses, Moody’s said.

The new notes will be drawn in two installments, €85 million upon signing of definitive documentation at the end of July and €165 million upon completion of the amendments in October.

Among the changes contemplated are extending the maturities of Codere’s outstanding bonds by two years. Upon completion, Moody’s said it will likely consider the maturity extension as a distressed exchange.

© 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.