Moody’s adds LD to Heubach rating

Moody's Investors Service said it appended the limited default designation (LD) to SK Neptune Husky Intermediate IV Sarl's (Heubach) Caa2-PD probability of default rating, changing it to Caa2-PD/LD from Caa2-PD.

The limited default designation follows the company missing its Dec. 29 interest payment on the backed senior secured debt instruments, borrowed by Luxembourg Investment Co. 438 Sarl following the expiration of the original five business day grace period. The backed senior secured debt comprises a CHF 560 million equivalent term loan and a $125 million revolving credit facility. Moody’s said it will remove the LD designation after three business days.

On Dec. 14, Heubach announced its lenders provided a $100 million strategic liquidity package. The package comprises a $70 million loan due on April 30. As part of the package, the company agreed to an extension in the original grace period and forbearance from any enforcement action related to such nonpayment due under the loans on Dec. 29, until April 30.

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