Fitch rates Telenet loan BB

Fitch Ratings said it assigned Telenet BidCo NV's new €2.3 billion senior secured bank facility an expected rating of BB. The rating of the existing €1 billion bank facility (rated BB+) and those of Telenet Communications NV's senior notes (rated BB) and Telenet Group Holding NV's senior discount notes (rated B+) are unchanged and will remain in place until the company has completed its planned refinancing.

The rating follows news that Telenet signed a new senior secured credit facility, including a €1.7 billion eight-year term loan B, €425 million seven-year term loan A and €175 million seven-year revolving credit facility.

The ratings are one notch lower than the existing bank facility of BB+, Fitch said. This reflects the higher leverage at which the company said it will run its business, the agency said. Once the refinancing is complete, Fitch said the company will be funded largely with senior bank debt.

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