Moody's assigns Caa2 to Trilogy notes

Moody's Investors Service said it assigned a Caa2 rating to Trilogy International Partners LLC's $357 million of 8 7/8% senior secured notes due May 2023 and affirmed the Caa1 corporate family rating.

The notes were issued by Trilogy's indirect subsidiaries, Trilogy International South Pacific LLC. and TISP Finance, Inc. in exchange for all of Trilogy's outstanding $350 million of 8 7/8% senior notes due May 2022, including consent solicitations to amendments to the indenture governing the 2022 notes and related premiums.

“Moody's believes the exchange of the existing notes into the new secured notes provides the company additional time to reduce consolidated debt through the pursuit of liquidity enhancing monetization strategies involving its New Zealand and Bolivian business operations,” the agency said in a press release.

The SGL-4 speculative grade liquidity rating is unchanged. Moody's withdrew the ratings on Trilogy's 2022 notes due to their full repayment.

The outlook for Trilogy remains negative.

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