S&P assigns BB- to Ziggo loans

S&P said it assigned its BB- issue ratings with a 3 recovery rating to the proposed €750 million senior secured term loan to be issued by Ziggo Secured Finance BV and the $750 million senior secured term loan to be issued by Ziggo Secured Finance Partnership.

These companies are orphan special-purpose vehicles (SPV) under Ziggo Group Holding BV (BB-/stable/--).

The new term loans, maturing in August 2024, will be used to refinance the remaining €664 million term loan maturing in 2021 issued by Ziggo Secured Finance BV and part of the remaining $4 billion term loans maturing in 2022 issued by Ziggo BV.

The transaction will have a neutral impact on leverage, S&P said. It is part of the stated refinancing strategy of Ziggo's parent Liberty Global to lengthen the maturity of debts across Liberty Global's subsidiaries.

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