Fitch rates Total Play notes CCC+

Fitch Ratings said it assigned CCC+/RR4 ratings to Total Play Telecomunicaciones SAPI de CV's new secured senior notes due in 2028.

The proceeds will be used to exchange any of the outstanding 7½% remaining unsecured notes due 2025.

The new notes are being issued as part of an exchange offer for Total Play's remaining $361.5 million of senior unsecured notes due in 2025, rated CCC/RR5. The new 2028 secured notes are secured by designated receivables, bear an annual interest rate of 10½% and have an increasing amortization schedule, with 20% in 2026, 30% in 2027 and 50% in 2028, respectively.

The amendments substantially eliminate all restrictive covenants, certain events of default and other provisions contained in the outstanding notes indenture. The amendments will not eliminate the restrictive covenants from the original 6 3/8% senior notes due 2028.

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