[ET Net News Agency, 23 August 2013] Moody's Investors Service has downgraded to
Ca from Caa1 the US$500 million 8.5% senior unsecured notes due April 2016 issued by
Winsway Coking Coal Holdings Limited (01733).
At the same time, Moody's has downgraded Winsway's corporate family rating to Ca from
B3. The outlook for all ratings is negative.
The rating action follows Winsway's announcement on 20 August 2013 that it is commencing
an exchange offer and consent solicitation for the 2016 Notes. The exchange offer, which
is subject to consent from 75% of the company's bondholders, includes (i) amendments
eliminating substantially all of the restrictive covenants and certain events of default
contained in the existing bond indenture; and (ii) agreeing to one of the two
settlement options by 5 September 2013. (KL)
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01733 E-COMMODITIES
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1.400 +0.020 (+1.449%) Others
23/08/2013 09:16
Moody's downgrades Winsway (01733) bond rating to "Ca"
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