Moody’s gives B3 to Travelex notes

Moody's Investors Service said it assigned a provisional B3 (LGD 4) rating to the proposed €360 million worth of senior secured notes due 2022 to be issued by Travelex Financing plc, a subsidiary of foreign currency exchange specialist TP Financing 3 Ltd. (Travelex).

All other ratings, including the B3 corporate family rating and B3-PD probability of default rating of Travelex are unchanged, including the ratings assigned to the existing instruments previously issued by its subsidiaries.

The outlook remains negative.

Upon successful closing of the proposed refinancing transaction, Moody's said it will withdraw the existing Ba3 rating assigned to TP Financing 3’s £90 million worth of senior secured bank facility as well as the B3 rating assigned to Travelex Financing’s £350 million (£300 million outstanding as of April 24) worth of senior secured notes due 2018.

Travelex will use the net proceeds from the proposed issuance to repay the existing notes due August 2018 and to pay related refinancing fees and expenses. If executed successfully, the refinancing will support Travelex liquidity profile, with the nearest debt maturity moved out to 2022 from 2018.

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