Moody’s rates Connect Finco notes B1

Moody’s Investors Service said it assigned a B1 rating to the $1.125 billion of senior secured notes due 2026 being issued by Connect Finco Sarl and Connect U.S. Finco LLC, the debt issuing subsidiaries of Connect Bidco Ltd.

The companies’ parent Connect Bidco Ltd. is acquiring Inmarsat plc.

The B1 rating on the $1.125 billion of bonds reflects its equal ranking with the B1 rated $2.7 billion term loan B and the B1 rated $700 million of revolver being issued by the same companies. Once the transaction is completed all rated debt will be backed by fixed assets and guaranteed by operating subsidiaries accounting for at least 80% of consolidated EBITDA, Moody’s said.

The outlook is stable.

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