Moody’s reviews O1 Properties

Moody's Investors Service said it placed O1 Properties Ltd.’s B1 corporate family rating, B1-PD probability of default rating and B1 senior unsecured instrument ratings on review for downgrade.

The action follows O1’s March 5 announcement of the proposed sale of its entire controlling stake in O1 to Laysa Group (unrated), an advertising operator that has the Russian Railways HSC (Baa3 positive) as a principal client.

“While the exact price has not been disclosed, the deal includes a commitment by Laysa Group to repay O1 Group's debt to Credit Bank of Moscow (Ba3 stable) of around RUB25 billion,” Moody’s said in a news release.

“Aside from regular antitrust clearance, the deal remains subject to the consent of the most of O1's existing creditors to avoid the acceleration of principal payments under the change of control clause under bank loans and the $350 million Eurobonds.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.