Moody’s changes Avanti PDR to Ca-PD/LD

Moody's Investors Service said it changed Avanti Communications Group plc's probability of default rating to Ca-PD/LD from Ca-PD.

The Ca corporate family rating and the Ca rating on Avanti's senior secured notes were affirmed.

The outlook was changed to stable from negative.

Moody's appended the probability of default rating with the limited default (/LD) designation following Avanti's Jan. 27 announcement that it successfully closed its bondholder solicitation process and thereby completed a $242 million refinancing. The refinancing involves: (a) The issuance of up to $132.5 million of super senior debt and the payment of PIK interest on its 10% senior secured notes due 2019 in lieu of cash for certain future interest payments due on the existing notes; (b) an offer to existing noteholders to purchase up to $132.5 million of new senior secured notes due 2021; and (c) an offer extended to those existing noteholders purchasing new notes due 2021 to exchange existing senior secured notes (due 2019) for additional PIK toggle notes.

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