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Moody's: Matterhorn new notes B1; cuts notes
Moody's Investors Service said it assigned a provisional B1 rating to the proposed offering of CHF 180 million of senior secured floating-rate notes issued by Matterhorn Mobile SA.
Concurrently, Moody's downgraded the ratings on the existing senior secured debt issued by Matterhorn Mobile to B1 from Ba3, comprising of €330 million senior secured floating-rate notes due 2019; CHF 450 million of senior secured fixed-rate notes due 2019; and CHF 225 million senior secured term loan A.
Moody's also upgraded Matterhorn Mobile Holdings SA's probability of default rating to Ba3 from B1 following the change in the group's family recovery rate to 35% from 50%.
The assignment of a provisional B1 rating to the proposed notes offering and the downgrade of Matterhorn Mobile's existing senior secured debt to B1 from Ba3 reflects the presence of priority debt in the capital structure in the form of a CHF 100 million super-senior revolving credit facility, Moody's said.
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