The long-term corporate credit rating of Polish steelmaking group Cognor has been downgraded by Standard & Poor's (S&P) to CC from CCC+, the rating service said on Friday December 4.
"The downgrade reflects Cognor's announcement that it is proposing a tender offer for senior secured notes due 2020. This is a modified Dutch-auction process, in which bondholders get to offer a purchase price within the range of €48-60 [$51-64] per €100 [$107] nominal amount," S&P said.
S&P considers the exchange offer to be "distressed", since the expected cash value will be less than the original par amount.
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