CBL to redeem all of its outstanding 2019 bond and Newcrest receives an outlook change
CBL has given noteholders notice to redeem all of its outstanding 8.25% April 2019 bond on 31 October 2016.
More information can be found here.
Credit ratings agency, Moody’s has changed Newcrest’s outlook to positive from stable on 14 October 2016, and affirmed the long term issuer rating of Newcrest Mining Limited as well as senior unsecured ratings of Newcrest Finance Pty Ltd.
Moody’s Vice President Matthew Moore stated that “the change in the outlook on the ratings to positive from stable reflects the material debt reduction the company has achieved on the back of higher than expected gold prices. This, combined with continued strong all in sustaining cost (AISC) levels, has allowed the company to achieve strong leverage metrics for the rating and improve its liquidity profile.”
The USD denominated Newcrest 2021, 2022 and 2041 bonds are indicatively offered at a yield to worst* up to 5.70%, available to wholesale investors only.
*The yield to worst (YTW) is the lowest yield an investor can expect when investing in a callable bond. More information on yield to worst can be found here.