S&P rates Gateway notes B

Standard & Poor's said it assigned its B preliminary senior secured debt rating to the proposed $32.5 million notes to be issued by Gateway Telecommunications plc, a subsidiary of Gateway Telecommunications SA (Proprietary) Ltd. (B/stable).

A recovery rating of 4 was also assigned, the agency added, stating that the notes will have the same terms and conditions as the $100 million senior secured bonds issued by the company in November 2006.

The proceeds of the notes will be used to part fund the $40 million acquisition of GS Telecom Ltd., the agency added.

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