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Prospect News home > News index > List of issuers M > Headlines for MEGA (Compania MEGA SA) > News item |
S&P affirms Compania Mega series G notes
Standard & Poor's said it affirmed its B ratings on Compañía Mega SA's $168.9 senior notes series G after the early cancellation of outstanding series D and E notes for about $150 million and the modification of several terms and conditions for the outstanding bonds.
The outlook remains stable.
According to S&P's expectations, Mega prepaid financial obligations for approximately $150 million and relaxed the terms and conditions on the project's outstanding financing, allowing dividend payments, lifting some of the protections provided by the collateral package, and eliminating the sponsors' guarantees. Mega's sponsors held the project's total debt due to the exercise of call options on the notes in late 2004.
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