Fitch rates Imagina IDR, facilities BB-

Fitch Ratings said it assigned Invictus Media SL (Imagina) a long-term issuer default rating of BB-(EXP) with a stable outlook.

The agency also assigned an instrument rating of BB-(EXP)/RR3 to the company's proposed new senior secured €200 million amortizing term loan A, €660 million bullet term loan B and €60 million revolving credit facility.

The term loans are expected to be drawn at closing by Invictus Media and its direct subsidiary, Imagina Media Audiovisual, SL

Proceeds will be used to finance the acquisition of a majority stake in Imagina by Orient Hontai Capital Investment Co. Ltd. and to refinance existing bank debt.

Fitch said the ratings reflect Imagina's mid-size business nature with material concentrations in its contract portfolio balanced by high earnings visibility and long-term or regularly renewed contracts.

The agency’s projected financial risk profile with funds flow from operations adjusted leverage averaging at 4.5 times for 2018-2020 (about 3.8 times on net basis) also support the recommendation for an issuer default rating of BB-.

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