Following the entire redemption of Pilkington“s EUR 350 million 6.5% Variable Coupon Notes due 2008, Moody“s Investors Service has withdrawn its senior unsecured rating on the notes. Moody“s had as…
Following the entire redemption of Pilkington“s EUR 350 million 6.5% Variable Coupon Notes due 2008, Moody“s Investors Service has withdrawn its senior unsecured rating on the notes. Moody“s had assigned a rating to this specific debt instrument only; the ratings withdrawal means Pilkington plc will be unrated by Moody“s. On 27 February 2006, Moody“s placed Pilkington plc“s senior unsecured rating of Baa2 on review for possible downgrade. The rating action followed the agreed bid of Nippon Sheet Glass (rated Baa3 with stable outlook) for the entire outstanding share capital of Pilkington for a total price of GBP 1.8 billion. After the takeover became effective on 16 June 2006, Pilkington plc successfully redeemed the only outstanding bond as of 28 June 2006. Moody“s has withdrawn the ratings without concluding the rating review, on the basis of the full completion of the tender offer, as well as limited information available which would have allowed Moody“s to fully complete its review of the rating following the acquisition.