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Published on 1/15/2020 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily and Prospect News High Yield Daily.

Moody’s: Cable & Wireless loan Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the proposed $1.3 billion senior secured term loan due January 2028, with Coral-US Co-Borrower LLC as borrower. Coral-US is a subsidiary of Cable & Wireless Communications Ltd.

Proceeds will be used to partially repay a $1.64 billion term loan B-4 due January 2026 and cover transaction costs.

The Ba3 corporate family rating of Cable & Wireless and the ratings of the other debt instruments within the group remain unchanged. All outlooks are stable.

The Ba3 rating on the new senior secured term loan considers it pari passu with the existing senior secured term loan B-4 and the $400 million senior secured notes issued by Sable International Finance Ltd., both rated Ba3. The new term loan benefits from the same guarantees as the existing term loan B-4 and is similarly secured by share pledges over the guarantors.


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