Moody's confirms World Directories

Moody's Investors Service said it confirmed the Caa1 (LGD5, 79%) ratings on the €395 million senior notes due 2014 and the $200 million senior notes due 2014 issued by WDAC Subsidiary Corp., an indirect parent of World Directories Inc.

The ratings confirmation concludes the rating review that began March 28, following the company's announcement that it intended to refinance its existing senior credit facility as well as the pay-in-kind notes through a new covenant "lite" senior facility and a new PIK loan facility.

The outlook is stable.

Moody's said it believes the refinancing would benefit the group's debt maturity profile.

But the new facilities also increase the company's flexibility to pursue more strategic moves, such as acquiring minority stakes in the South African and Portuguese operations, which would keep leverage high, 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.