Moody’s assigns Ba3 to Wind loan, revolver

Moody's Investors Service said it assigned provisional Ba3 instrument ratings to Wind Telecomunicazioni SpA's planned €1.3 billion 2019 senior secured term loan facilities and €400 million 2019 revolving credit facility.

All other ratings remain unchanged, namely Wind's B2 corporate family rating, B2-PD probability of default rating, the Ba3 ratings on the existing bank facilities and existing senior 2020 secured notes (issued at Wind Acquisition Finance SA) and the Caa1 rating on the existing 2021 senior notes (issued at Wind Acquisition).

The stable outlook remains unchanged.

Moody’s said the rating assignments come on the back of Wind's announcement that it was looking to raise a total of €800 million senior secured term loans and a €500 million "TowerCo bridge facility," which Wind plans to repay upon completion of the sale of its telecommunications towers.

The new debt proceeds will be used to refinance part of Wind's outstanding bank loans including the drawn amount under its current revolving credit facility.

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