S&P gives Trilogy notes B-

S&P said it gave its B- issue-level rating to Trilogy International South Pacific LLC and TISP Finance Inc., as co-issuers, on the 8 7/8% senior secured notes due 2023, for up to $357 million in principal amount. This transaction follows the exchange of holding company Trilogy International Partners LLC on its $350 million of senior secured notes due 2022, as part of its planned maturity extension of an added 13 months from the original due date.

“We do not see potential subordination risk, as the new notes will have the same secured package, guaranteed by the assets of Trilogy, Trilogy International South Pacific Holdings LLC, Trilogy International Latin America I, LLC, and Trilogy International Latin America II, LLC,” S&P said in a press release.

At the same time, S&P assigned a B- issuer credit rating and a stable outlook to TISP. TISP is the holding company of Trilogy's operations in New Zealand.

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