Moody’s rates Mercury BondCo notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the new guaranteed €600 million senior secured PIK fixed-rate toggle notes due 2021 to be issued by Mercury BondCo plc.

The agency also affirmed the B3 instrument rating on the outstanding €900 million senior secured fixed-rate PIK toggle notes due 2021 and the €200 million senior secured floating-rate PIK toggle notes due 2021.

The outlook on the notes was changed to negative from stable.

Moody's also affirmed Istituto Centrale delle Banche Popolari Italiane SpA's (ICBPI) corporate family rating of Ba2 with a stable outlook.

Proceeds from the new notes, except for €34 million to be retained at Mercury BondCo as cash overfund, alongside €139 million of excess capital from ICBPI will be used by ICBPI to fund: (a) The acquisition of the merchant acquiring business of Banca Monte dei Paschi di Siena SpA; (b) the acquisition of at least 92% of the capital stock in Bassilichi SpA; (c) the acquisition of the merchant acquiring business of Deutsche Bank SpA; and (d) transaction fees.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.