Fitch rates Liquid Telecom notes B+/RR4

Fitch Ratings said it assigned Liquid Telecommunications Holdings Ltd.’s (B+/stable) proposed tap issue of the dollar-denominated 2022 senior secured notes expected ratings of B+(EXP)/RR4(EXP).

The tap issue will carry the same terms and conditions as the existing $550 million senior secured notes due 2022.

The notes will be issued by Liquid Telecommunications Financing plc, a wholly owned subsidiary of Liquid Telecom, and will be guaranteed on a senior basis by the latter and its certain subsidiaries.

Gross proceeds are expected at $180 million.

The company intends to use the proceeds to repay outstanding $146 million rand- and dollar-denominated loans under a term loan facility and for general corporate purposes. As part of the transaction the company will amend its existing $55 million revolving credit facility to provide for drawings up to 10% of the sum of the principal amount of the notes.

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