S&P rates Globo notes BB+

S&P said it assigned its BB+ foreign currency issue-level rating to Globo Comunicacao e Participacoes SA’s planned offering of $300 million senior unsecured notes with bullet maturity in 2030. The agency also assigned a 3 recovery rating to the proposed notes, which means a significant recovery expectation of 50%-70% (rounded estimate 65%).

Globo will use the proceeds to purchase up to $300 million of the 4 7/8% senior notes validly tendered and accepted for purchase in the tender offer and the remainder for general corporate purposes.

The new issue rating is the same level as S&P’s issuer credit rating on Globo, reflecting the company’s strong market position as Brazil’s largest media conglomerate, with solid cash flow and a historically positive net cash position.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.