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Moody's assigns TelePacific loan B2
Moody's Investors Service said it has assigned a B2 rating to U.S. TelePacific Corp.'s new senior secured credit facilities, consisting of a $25 million revolver and a $360 million term loan.
The proceeds of the new financing will be used to repay the existing first- and second-lien term loans and bolster the company's cash balances, the agency added.
As part of the rating action, Moody's said it upgraded TelePacific's corporate family rating and probability of default rating, each to B2 from B3.
In addition, Moody's said it changed the outlook to stable from negative, noting that the rating actions reflect the improved liquidity and demonstrated strength of operating performance, notwithstanding severe economic conditions in the company's markets, both of which lend support to higher ratings via expectations of future revenue growth, deleveraging and free cash flow generation.
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