Fitch rates Telenet loans BB

Fitch Ratings said it assigned an expected rating of BB to Telenet International Finance SarL's term loan AH and Telenet Financing USD LLC's term loan AI.

Both issuing entities are subsidiaries of Telenet BVBA, the agency said.

The proceeds of the two new senior secured term loans will be used to partially refinance existing bank debt in a leverage-neutral transaction, Fitch explained.

Term loan AI will have a minimum tranche size of $1 billion and an 8.25-year tenor, the agency said, and term loan AH will have a minimum tranche size of €750 million and a nine-year tenor.

The transaction is part of the company's strategy to refinance prior to maturity and maximize tenor, Fitch said.

The new term loans will be guaranteed by Telenet Financing USD LLC, Telenet BVBA, Telenet International Finance SarL and Telenet Group BVBA, the agency noted.

The company has a strong operating position and services about 70% of households in its franchise area, Fitch said.

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