Moody’s rates Liberty loan, notes B1

Moody’s Investors Service said it assigned B1 ratings to Liberty Communications PR Holding LP’s proposed $500 million senior secured term loan and $820 million in senior secured notes.

Moody’s assigned B1 ratings to the company’s outstanding notes and term loan on Oct. 9, 2019.

Like the outstanding debt instruments, the $500 million term loan and $820 million in senior secured notes will be issued by trust-owned special-purpose entities, LCPR Loan Financing LLC and LCPR Senior Secured Financing DAC.

“Debt proceeds will be on-lent to entities within Liberty PR through proceeds loans. The combined group's financial debt will essentially comprise the proceeds loans, and the B1 ratings on the proposed senior secured term loan and senior secured notes consider the proceeds loan structure with all proceeds loans benefiting from the same guarantors and sharing the same collateral within the Liberty PR group,” Moody’s said in a press release.

The outlook is stable.

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