Phoenix Natural Gas Finance Plc- £275,000,000 5.50 per cent. Guaranteed Bonds guaranteed by Phoenix Natural Gas Limited and Phoenix Distribution Holding Limited
We note that Fitch has changed the Outlook on Phoenix Natural Gas Limited (PNG) ratings to Stable from Negative, also affirming the ratings at the existing level, including that associated to the senior secured instrument issued by Phoenix Natural Gas Plc at BBB+
Fitch noted "The stabilisation of the Outlook reflects PNG's progress towards the successful refinancing of its entire capital structure with a GBP280 million seven-year, USPP issue and GBP230 million five-year bank facilities."
The proceeds of the USPP issuance, which are due to be received in July 2017, are to be used to repay the £275m PNGF bonds which are due to mature at that time.
This refinancing activity by PNG follows on from the conclusion of the most recent regulatory price control process.
This information is provided by RNS