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Moody’s rates TelePacific loans B3
Moody's Investors Service said it assigned B3 ratings to US TelePacific Corp.'s proposed $505 million senior secured first-lien term loan due 2020 and $25 million senior secured revolver due 2019.
Proceeds will be used to refinance existing debt.
The agency also affirmed TelePacific’s B3 corporate family rating and changed the probability of default rating to Caa1-PD from B3-PD given the all first-lien debt structure.
The outlook is stable.
Moody’s said the ratings for the debt instruments reflect both the probability of default of TelePacific and individual loss given default assessments. The credit facilities are rated B3 (LGD3), in line with the corporate family rating as the first-lien debt comprises the majority of the company's external liabilities.
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