Tuesday 14 June 2016 by FIIG Research Company updates

Company updates – CBL Insurance, Moneytech, Newcastle Coal Infrastructure Group and Virgin

Air New Zealand announced the partial sale of its Virgin shareholding, CBL’s credit rating is upgraded, Moneytech seek to change their corporate structure and Moody’s downgrades Newcastle Coal

CBL Insurance

A.M. Best has upgraded the financial strength rating and the issuer credit rating of CBL Insurance Limited. The outlook for each rating remains stable. This follows the group’s previous ratings upgrade in June 2015.

More information is available here.External link - opens in a new window

Moneytech

Moneytech Finance Pty Ltd (MT), which is currently owned by a US entity, is seeking to repatriate their corporate structure to be owned again by an Australian entity.

In order to facilitate this, MT is seeking to amend the terms of its Notes via a Circular Resolution, to alter the change of control definition to relate the ultimate beneficiary and not the technical controlling entity.

To encourage Noteholders to vote in favour, MT is proposing paying an early consent fee of 0.50% of principal value to those voting in favour by COB Friday 17 June 2016, and a consent fee of 0.20% of principal value to those voting in favour by COB Wednesday 22 June 2016.

All Moneytech holders will be contacted direct with full details and how to vote. Please call your FIIG representative if you have any questions.

The research note is available here.External link - opens in a new window

Newcastle Coal Infrastructure Group

Moody’s has downgraded Newcastle Coal (NCIG)'s credit rating by one notch.

More information is available here (for wholesale investors only; requires login).External link - opens in a new window

Virgin

One of Virgin’s major shareholders, Air New Zealand has announced it has entered into a sale agreement with Nanshan Group to sell a 19.98% stake in Virgin.

More information is available here.External link - opens in a new window

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