Tuesday 30 January 2018 by FIIG Research Company updates

Company updates – Eric Insurnace, Mackay Sugar, Mallinckrodt and Noble Holding

This week, Eric Insurance regulatory update, Mackay Sugar resolution passed, Mallinckrodt receives rating action and tender offer on Noble 2024 notes

Eric Insurance regulatory update

We have provided a regulatory update on Eric Insurance. For the full update, please see this link*

Commentary regarding ASIC’s fines for Allianz and Suncorp for add-on insurance is available here*. 

Mackay Sugar circulating resolution passed

The special resolution dated 11 December 2017, put to holders of Mackay Sugar Ltd’s (MSL) 7.25% 5 April 2018 Notes (ISIN: AU3CB0207116), has passed.

For holders of the bond, please see this link*. 

Moody’s confirms Mallinckrodt rating

Moody’s Investors Service confirmed Mallinckrodt International Finance SA’s (Mallinckrodt) corporate family rating at Ba3 and probability of default rating at Ba3. The rating outlook was changed to negative from under review.

This action concludes the rating review initiated 26 December 2017, following the announcement that Mallinckrodt will acquire Sucampo Pharmaceuticals for AUD1.2bn.

FIIG has reviewed three bonds issued by Mallinckrodt maturing in 2020, 2022 and 2023. These have recently been added to the DirectBonds list.

To learn more, please click here

Noble makes tender offer on 2024 notes

Noble Holding International is offering to purchase various bond securities including the 2024 Notes at a significant premium. The purpose is to retire debt that would otherwise mature in the next six years.

For more information, please see this link.

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