|
|
Article: Fitch Rates MCG Capital Corp's Unsecured Notes 'BB+'; Outlook Negative.
- Article from:
- Telecommunications Weekly
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Fitch Ratings has assigned a rating of 'BB+' to MCG Capital Corporation's (MCG) $34.3 million of senior unsecured notes. All relevant ratings are listed at the end of this release.
These notes effectively replace and extend the maturity of existing series 2005-A unsecured notes which were scheduled to mature in October 2010. The maturity of the new notes will be October 2011. In exchange for the maturity extension, the interest rate on the notes will increase 100 basis points to 9.98% and MCG will make a $5 million principal payment on its existing unsecured debt, which will be applied pro rata to the new ...