Fitch assigns Lorca B+

Fitch Ratings said it assigned Lorca Holdco Ltd. an expected long-term issuer default rating of B+ with a stable outlook. Fitch also assigned an expected BB/RR2/73% rating to the €1.5 billion secured term loan B financing to be issued by Lorca Finco plc and Lorca Telecom Bidco SA.

“An incremental pari passu financing of €1.5 billion expected to launch once the bid has received regulatory clearance and shareholder approval is expected to be rated in line with Lorca’s term loan B, subject to review of documentation confirming its pari passu nature. The expected ratings are therefore based on an assumed capital structure encompassing secured €3 billion drawn debt/€500 million RCF,” the agency said in a press release.

Fitch placed Masmovil Ibercom SA’s IDR of BB- on rating watch negative following the launch of Lorca’s funding proposals in relation to the private equity-backed bid for Masmovil.

The agency affirmed the €1.45 billion term loan B issued by MasMovil Holdphone SAU at BB/RR2 on the basis the committed/underwritten bid fully provides for refinancing Masmovil’s debt.

© 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.