Moody’s assigns SB Energy notes Ba3

Moody’s Investors Service said it assigned a preliminary Ba3 rating to the proposed $600 million of five-year backed senior secured notes of SB Energy Investments Ltd.

The issuer is part of a restricted group composed of the issuer and 15 subsidiaries. The subsidiaries include five solar energy operating companies and 10 intermediate holding companies. The holding companies will guarantee the notes.

All the companies are owned by SB Energy Holdings Ltd., which is 80% owned by Softbank Group Corp.

The proceeds will be used to refinance project debt, pay transaction expenses, fund required reserves and lend the balance to SB Energy Holdings.

The outlook is stable.

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