Senior
secured debt ratings (domestic currency): to A1 from Aa3
Many scholars question the priority enjoyed by
secured debt in bankruptcy.
Example: A debtor excludes $100 of COD income from gross income ($20 from a
secured debt + $80 from an unsecured debt); $40 of COD income (i.
In reviewing the change in
secured debt weighting in each debt structure and the change in secured leverage between 2007 and Sept.
HCP (NYSE:HCP) announced that it has placed $140 million of 5-year
secured debt on four of its senior housing assets and $179 million of 8-year
secured debt on 12 of its senior housing assets.
s (Motorola) market capitalization over the past few months to below $50 billion, Fitch Ratings has examined LBO risk for Motorola by assessing the level of bondholder protection provided by bond indentures, specifically change of control provisions and limitations on
secured debt.
Fitch believes the 'B-' senior unsecured debt could potentially be upgraded one notch based on the prospects for higher recovery rates as a result of the proposed reduction of
secured debt in the capital structure.
NEW YORK -- A new study examining the distribution of Fitch's Recovery Ratings in their first full year after launch has revealed that the most common driver of Recovery Rating changes has been changes in the amount of
secured debt in issuer capital structures, affecting in particular Recovery Ratings on senior unsecured bonds.
The rating also reflects the new notes senior unsecured position relative to a substantial amount of senior
secured debt upon the closing of the refinancing.
Offsetting in part this benefit is the amendment of the security package for RRI's
secured debt holders.
In addition Hexion expects to raise $825 million of senior
secured debt (the "
Secured Debt Financing") in connection with its offer to purchase the Notes.
Upon closing of the acquisition-related financing, Fitch estimates that
secured debt of $1.
