Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Wolverine Tube Inc. > News item |
Moody's drops Wolverine PD to D
Moody's Investors Service said it downgraded the probability -of-default rating of Wolverine Tube, Inc. to D from Caa3.
The agency also affirmed the corporate family rating of Caa3 and senior unsecured note rating of Ca (LGD3, 43% from LGD4, 68%).
The downgrade comes after Wolverine said it received agreement for tenders of up to $43.7 million, or 44%, of the outstanding 10½% senior notes due April 1, 2009. Wolverine also said it revised the terms of the offer and extended the expiration.
Moody's said the transaction is a distressed exchange, which it considers an event of default.
© 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.