Moody’s rates Inmarsat Finance bond Ba2

Moody's Investors Service said it assigned a Ba2 rating to Inmarsat Finance plc's new $400 million senior unsecured bond due 2024 and guaranteed by Inmarsat Group Ltd.

The Ba2 rating is at the same level as Inmarsat Finance's existing $1 billion senior unsecured 4 7/8% bonds due 2022.

All other ratings remain unchanged, including the Ba1 corporate family rating and the Ba1-PD probability of default rating assigned to Inmarsat plc as well as the existing instrument rating assigned to Inmarsat Finance.

The outlook remains negative.

Proceeds from the new bond will be used to repay the $106.9 million outstanding under the company's term facility from the European Investment Bank (EIB) and for general corporate purposes.

Moody’s said the Ba2 rating on the new notes reflects the fact that they are being issued by the same corporate entity as the existing senior notes due 2022 (Inmarsat Finance plc), sharing the same guarantor (Inmarsat Group Ltd.) and a substantially similar covenant package.

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