Moody’s gives Leo Cable loan, notes B1

Moody’s Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to Leo Cable LP, a holding company of the Liberty Puerto Rico group, considering its intended acquisition of AT&T, Inc.'s (Baa2 stable) operations in Puerto Rico and the Virgin Islands, and subsequent combination with its existing business in Puerto Rico.

Simultaneously, Moody's assigned a B1 rating to the new $1.2 billion senior secured term loan B due 2026 raised by LCPR Loan Financing LLC and a B1 rating to the proposed $1 billion senior secured notes due 2027 issued by LCPR Senior Secured Financing DAC.

The outlook is stable.

The current B3 corporate family rating, B3-PD PDR and B2/Caa2 senior secured bank credit facility ratings of Liberty Cablevision of Puerto Rico LLC are unchanged.

“LPR intends to use part of the TLB proceeds to fully repay the existing bank credit facility at LCPR, which will then no longer have rated debt,” the agency said in a news release.

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