S&P assigns Helios notes B

S&P said it assigned Helios Towers plc’s planned $425 million of senior unsecured notes due 2025 a B rating.

Helios will use the proceeds to partially refinance $325 million of its $600 million notes due in 2022.

Helios Towers has the option to boost the offering to $700 million, which would enable the full refinancing of the notes. It will use about $75 million of the issuance proceeds to repay term loan borrowings and use the remainder to cover transaction fees and expenses.

“We understand that the company will refinance and upsize its revolving credit facility (RCF) to $70 million at most from $60 million and its term loan facilities to $135 million (with a five-year tenor, which may increase in accordance with its terms to a total of $200 million) from $125 million,” S&P said in a press release.

S&P affirmed the company’s B rating and the B rating on the notes issued by HTA Group Ltd.

The outlook is stable.

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