Moody’s rates Coral-US loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed $1.825 billion eight-year senior secured term loan B-4 due February 2026 to be issued by Coral-US Co-Borrower LLC and guaranteed by Sable International Finance Ltd. and other group entities.

Proceeds will be used to repay the existing $1.825 billion term loan B-3 due January 2025.

The outlook is stable.

The Ba3 corporate family rating of Cable & Wireless Communications Ltd., Coral-US' and Sable’s ultimate parent company, and the ratings of the other debt instruments within the group are unchanged.

The purpose of the transaction is also to re-price the loan and make some amendments to the loan terms and conditions to align it to the most recent debt documentation of the group, the agency explained. The refinancing is leverage neutral and will slightly reduce financing costs and extend average debt life.

Moody’s said the new term loan B-4 has the same Ba3 rating as the existing term loan B-3. The new term loan B-4 benefits from the same guarantees as the existing term loan B-3 and is similarly secured by share pledges over the guarantors.

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