S&P affirms Wind Hellas

S&P said it affirmed its B long-term corporate credit rating on Crystal Almond Intermediary Holdings Ltd. (CAIH), the parent of Greek telecom operator Wind Hellas Telecommunications SA, and on CAIH's wholly owned financing subsidiary Crystal Almond Sarl.

The outlook on both entities is stable.

S&P also affirmed its B issue rating on the €325 million senior secured notes (including the proposed €75 million tap) issued by Crystal Almond Sarl. The recovery rating on the notes is 3, reflecting an expectation of 50%-70% recovery (rounded estimate: 65%) for the secured lenders in the event of a payment default.

Wind Hellas plans to issue a bond tap of about €75 million under its existing €250 million senior secured fixed-rate notes, bringing the total amount of this facility to €325 million. The company intends to use the proceeds to strengthen its liquidity position and to fund a potential acquisition.

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