Moody's assigns Masmovil notes B1

Moody's Investors Service said it assigned a B1 rating to Lorca Telecom Bondco, SAU's €720 million of new guaranteed senior secured notes due 2027.

Lorca Telecom Bondco is a wholly owned subsidiary of Lorca Holdco Ltd., the ultimate parent of Masmovil Ibercom, SA, the fourth largest telecom operator in Spain.

“The B1 rating on the proposed senior secured notes is in line with the group's B1 corporate family rating (CFR) assigned to Lorca Holdco,” Moody’s said in a press release.

Proceeds will be used to finance the takeover offer of Masmovil by a consortium of private equity funds and refinancing bank debt.

The outlook is stable.

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