Moody's: TBG Global notes Ba3

Moody's Investors Service said it assigned a definitive Ba3 rating to the $300 million 4 5/8% five-year senior unsecured notes of TBG Global Pte. Ltd., a wholly-owned subsidiary of Tower Bersama Infrastructure Tbk.

The outlook is stable.

The proposed notes will be unconditionally and irrevocably guaranteed by Tower Bersama. The proceeds will be primarily used for refinancing existing debt, specifically the outstanding revolving credit facilities of $50 million under Tower Bersama Group's $2 billion debt program and loans at the holding company of $95 million. The remaining funds will be used for business growth, Moody's said.

The rating on this debt obligation confirms the provisional rating assigned in March, 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.