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Published on November 3, 2007

"The rating action reflects the company's heightened refinancing risks following its inability to term out the US$120-million [Bt4 billion] bridging loan upon its maturity on October 30, 2007," said Kathleen Lee, Moody's lead analyst for G Steel, in a recent statement.

"The company is still negotiating the refinancing arrangements of the above loan with the lenders," she said.

The review will focus on the implications of protracted refinancing negotiations between G Steel and its bank lenders over how the company will observe and fully comply with the provisions of the $100-million senior unsecured notes due in 2010.

The review will also assess the potential financial impact that the revised terms and conditions of the refinancing agreement would have on G Steel's financial profile in the event that such an agreement is reached. 

The Nation