Moody’s gives Ba3 to Lorca loan

Moody's Ratings said it assigned a Ba3 rating to Lorca Finco plc and Lorca Co-Borrower LLC's new €1.5 billion equivalent senior secured term loans. Lorca Finco will issue the euro-denominated tranche and Lorca Co-Borrower the U.S. dollar tranche. The borrowers are subsidiaries of Lorca Holdco Ltd. (MasOrange).

The rating is in line with rated debt at Lorca Finco, Lorca Telecom Bondco SAU and with MasOrange’s Ba3 corporate family rating, Moody’s said.

Proceeds, alongside other secured debt with an expected five year tenor to be incurred concurrently, and a €4.35 billion drawn term loan as well as €121 million of balance sheet cash, will be used to refinance the drawn facilities that funded a €6.1 billion payment to MasOrange's shareholders at closing.

The outlook is positive.

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