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Moody’s gives Connect Bidco loans B1
Moody’s Investors Service said it assigned B1 ratings to the $2.7 billion term loan B and $700 million of revolving credit facility being issued by Connect Finco Sarl and Connect U.S. Finco LLC in order to pre-fund the acquisition of Inmarsat plc by Connect Bidco Ltd.
The agency also assigned a B1 rating to Connect Bidco.
“The B1 ratings reflect the high starting Moody’s adjusted pro-forma gross leverage (based on the EBITDA for the last twelve months ended 30 June 2019) of 5.8x for the group, the negative free cash flow generation expected until 2020 as the company funds its growth capex associated with new satellite launches,” says Gunjan Dixit, Moody’s vice president – senior credit officer and lead analyst for Connect Bidco, in a press release.
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