Moody’s applies Ba3 to West notes

Moody's Investors Service said it assigned a Ba3 rating to West Corp.’s proposed $400 million of senior secured notes.

The B1 corporate family rating, the Ba3 and B3 ratings for its senior secured and senior unsecured debt, respectively, and the SGL-1 speculative grade liquidity rating remain unchanged.

The outlook is stable.

Net proceeds will be used to refinance senior secured term loans. The agency will withdraw ratings on the existing term loans and revolving credit facility to the extent that existing loans are fully repaid and cancelled as part of the proposed refinancing and the refinancing transactions announced in May 2016.

Moody’s said the proposed refinancing transactions will extend West's debt maturities and are leverage-neutral. The new notes are rated at the same level as West's senior secured credit facilities as the agency expects the notes will be pari passu in right of payment with the senior secured credit facilities and guaranteed on a senior secured basis by each of the subsidiaries that guarantees its senior secured credit facilities.

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