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Moody’s cuts U.S. TelePacific PDR, rates facilities B3
Moody's Investors Service said it affirmed U.S. TelePacific Corp.'s B3 corporate family rating following the planned issuance of new bank credit facilities.
The agency also assigned a B3 rating (LGD-3), in line with the current rating, to the company's proposed $680 million senior secured first-lien credit facility, which consists of a $655 million term loan due 2023 and a $25 million revolver due 2022.
Proceeds will be used to repay the company's existing term loan B, revolving credit facility and secured notes.
In addition, Moody's downgraded TelePacific's probability of default rating to Caa1-PD from B3-PD in connection with the redemption of the secured notes, reflecting a going forward capital structure singularly comprised of secured bank facilities.
The outlook remains stable.
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