Fitch assigns BB- rating to Wom loan, notes

Fitch Ratings said it assigned first-time ratings of BB- to WOM Mobile SA and its subsidiary WOM SA, including long-term foreign and long-term local currency and issuer default ratings.

WOM will receive a five-year term loan for the equivalent of $150 million (CLP 117 billion) and enter into a two-year revolver for the equivalent of $50 million (CLP 39 billion).

Kenbourne Invest SA, a special purpose vehicle, will sell $450 million of notes (CLP 351 billion). WOM and WOM Mobile will guarantee the SPV debt.

Fitch said it expects the proceeds will be used to refinance the group’s debts of about $330 million (primarily bank loans from the China Development Bank), with the remainder distributed as dividends to shareholder Novator Partners LLP.

The outlook is stable.

© 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.