Bangkok--2 Nov--Moody's
Moody's Investors Service has today put on review for possible downgrade the B3 corporate family rating and senior
unsecured bond rating of G Steel Public Company Limited ("G Steel").
"The rating action reflects the company's heightened refinancing risks following its inability to term out the US$120m bridge loan upon its maturity on 30 October 2007," says Kathleen Lee, Moody's lead analyst for G Steel, adding, "The company is still negotiating the refinancing arrangements of the above loan with the lenders."
The review will focus on the implications of protracted refinancing negotiations between G Steel and its bank lenders over how the company will observe and fully comply with the provisions of the US$100 million Senior Unsecured Notes due 2010. The review will also assess the potential financial impact which the revised terms and conditions of the refinancing agreement would have on G Steel's financial profile in the event that such an agreement is reached.
Headquartered in Bangkok, G Steel is Thailand's second largest hot rolled coil ("HRC") steel manufacturer and distributor. It currently produces about 1 million tons of steel per year using the electric arc furnace and continuous casting methods.
Singapore
Kathleen Lee
Vice President - Senior Analyst
Corporate Finance Group
Moody's Singapore Pte Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (65) 6398-8308
Hong Kong
Clara Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121