Moody's may upgrade Cableuropa

Moody's Investors Service said it placed the B3 corporate family and probability of default ratings of Cableuropa SAU on review for possible upgrade.

Moody's also said it placed on review for possible upgrade the B2 rating on the €700 million worth of senior secured notes due in 2018 issued by Nara Cable Funding Ltd., which the company has announced it is proposing to increase through a EUR300 million tap offering.

Moody's also said it placed on review for possible upgrade the Caa2 ratings on the existing €295 million and $225 million worth of senior unsecured notes due in 2019 issued by ONO Finance II plc.

ONO intends to use the proceeds from this tap offering to repay an equal amount of indebtedness under the company's senior secured bank facilities, the agency said.

The upgrade review follows news that the company intends to launch an add-on offering of about €300 million of senior secured notes due 2018, Moody's said, and reflects the progress that the company has made over the past year in extending its debt maturity profile and reducing its refinancing wall in 2013 to 2014.

The transaction will have a neutral impact on its leverage, which was about 5.2x for the last 12 months that ended in March 2011, the agency said.

© 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.