On August 11, 2016, S&P Global Ratings lowered its corporate credit rating on Vanguard Natural Resources, LLC to SD from CC and its senior unsecured notes rating to D from CC. According to S&P Global, the Company has completed the exchange of its 7.875% senior unsecured notes due April, 2020, with certain note holders for 7% secured second-lien notes due 2023 at less than par which they view as a distressed exchange. Existing holders received less than the original promised amount, the interest rate on the new securities is lower than the original yield and the new securities’ maturity extends beyond the original. Read more on distressed companies.
The post Vanguard Natural Resources Distressed Debt Exchange. appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.