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SAExploration Holdings, Inc. – RSA, S&P Lowers Ratings, Moody’s Downgrades

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In Form 8-K filed on June 13, 2015, SAExploration Holdings, Inc. announced that it has entered into a comprehensive restructuring support agreement with holders of approximately 66% of the par value of SAE’s 10% Senior Secured Notes due 2019, pursuant to which the Supporting Holders and SAE have agreed to enter into and implement a proposed comprehensive restructuring of SAE’s balance sheet, which will include an agreement to fund up to $30 million in new capital, subject to the terms and conditions of the Restructuring Support Agreement, including the parties’ agreement to negotiate in good faith the definitive documentation in respect thereof.

On June 14, 2016, S&P Global Ratings lowered its corporate credit rating on SAExploration Holdings, Inc. to CC from CCC- and its senior secured notes rating to CC from CCC-. According to S&P Global, the downgrade follows SAExploration’s announcement that it plans to launch an exchange offer to existing holders of its 10% senior secured notes for shares of common equity and a new issue of second-lien notes. The exchange offer is scheduled to launch on or before June 20, 2016, and is anticipated to close no later than 30 days after the launch date.

On June 16, 2016, Moody’s Investors Service downgraded SAExploration Holding, Inc.’s probability of default rating to Ca-PD from Caa2-PD and the rating on its notes to Caa3 from Caa2. The Company’s Caa2 corporate family rating was affirmed. “The rating downgrade on SAExploration’s notes reflects our expectation that the company’s debt exchange will result in a loss of capital for existing bondholders,” stated James Wilkins, a Moody’s Vice President. Read more on distressed companies.

The post SAExploration Holdings, Inc. – RSA, S&P Lowers Ratings, Moody’s Downgrades appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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