- Language: English
- 1493 Pages
- Published: March 2012
- Region: Global
Recovery Report: InterGen N.V.'s Recovery Rating Profile Jul 12
- Published: July 2012
- Standard & Poors
InterGen N.V.'s $1.78 billion multicurrency senior secured term notes (due June and December 2017) and $800 million ($421 million outstanding as of March 31, 2012) senior secured term loan B facility are rated 'BB-', supported by cash flow distributions from InterGen's operating projects. The erstwhile $735 million senior secured liquidity credit facility due July 31, 2012, was replaced by a $660 million revolving credit facility due April 30, 2014, which we also rate 'BB-'. The outlook is negative. The recovery rating on all senior secured debt is '3', indicating our expectation of meaningful recovery (50% to 70%) of principal if a payment default occurs. Although our recovery analysis suggests that InterGen's lenders are likely to receive meaningful recovery of principal,...
Companies mentioned in this report are:
- InterGen N.V.
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- InterGen N.V.