Moody’s rates eircom notes B1

Moody's Investors Service said it assigned a B1 rating to the €350 million senior secured notes due 2025 to be issued by eircom Finance DA, a subsidiary of eircom Holdings (Ireland) Ltd.

The outlook is stable.

Proceeds from this issuance will be used to partially repay the existing €1.8 billion term loan due in May 2026 issued by eircom Finco Sarl.

“The refinancing is leverage neutral and will bring some interest savings, supporting free cash flow generation, but could reduce modestly the weighted debt maturity profile,” said Ernesto Bisagno, a Moody's vice president, senior credit officer and lead analyst for eir.

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