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Moody’s gives Great Horizon notes B1
Moody's Investors Service said it assigned a provisional B1 rating to Great Horizon Capital Pte. Ltd.'s proposed up to $350 million of senior secured notes.
The outlook is stable.
Moody's said it expects that the company will transfer the proceeds from the proposed dollar notes to Great Horizon Consulting Pte. Ltd., who will on-lend the funds to PT DSSP Power Sumsel in the form of an intercompany loan.
Sumsel will use the proceeds of the intercompany loan to refinance existing borrowings, including expenses associated with the refinancing, and to repay some of the existing shareholder loans from Dian Swastatika Sentosa Tbk. (PT).
“The (P)B1 rating considers a range of coupon scenarios under which the group's average DSCR over the term of the project bond would range between 1.5 and 1.7 times,” Moody’s said in a news release.
“Should there be a deviation in the projected average DSCR outside of this range, the final rating of the bond could change.”
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