S&P affirms Wind

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Wind Telecomunicazioni SpA.

The outlook is stable.

The affirmation follows Wind's consent solicitation to holders of €1,482 million in notes outstanding for possible refinancing. The request concerns the €5,022 million and $150 million existing senior secured credit facilities located at Wind Telecomunicazioni SpA, the current €400 million committed secured revolving credit facility and the €551 million and $180 million second-lien facilities located at Wind Finance SL SA.

The refinancing would allow the company to make a distribution of up to €1.95 billion from the share premium reserve to Wind Acquisition Holdings, Wind's parent company, to repay the existing €1,776 million payment-in-kind debt instrument. The new senior secured credit facility would amount to about €7.9 billion.

S&P said the affirmation reflects the fact the agency anticipated a refinancing or consolidation in its current ratings.

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