Moody's assigns Digicel notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Digicel Group Ltd.'s proposed offering of $865 million senior unsecured notes due 2022.

Proceeds will be used to redeem 100% of the existing Digicel 10½% senior unsecured notes due 2018, including redemption premiums, accrued interest and fees. Incorporated into the rating action is the possibility of the offering being upsized to as much as $1 billion.

Moody's said it believes that any additional upsizing would be used to add a small amount of cash to the balance sheet to be used for general corporate purposes and/or future acquisitions.

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