Yield on Hart's UCI junk bonds spikes, Moody's cuts rating after missing payment

Tue, 22 Mar 2016

By Paul McBeth March 22 (BusinessDesk) - The yield on UCI Holdings' bonds has jumped to 110 percent and Moody's Investors Service has cut the auto parts maker's debt rating deeper into junk after the company was granted a lifeline by bondholders who agreed not to call in the debt when it missed an interest payment. Last week, investors holding more than 80 percent of the US$400 million of February 2019 bonds agreed not to pursue remedies against New Zealand billionaire Graeme Hart's company after it failed to make a US$17.3 million inter...

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