Bulletin: Telenet Rating And Outlook Unaffected By Proposed $500 Million Tap Issuance

FRANKFURT (S&P Global Ratings) May 9, 2017--S&P Global Ratings said today that its 'BB-' long-term corporate credit ratings and stable outlook on Telenet Group Holding N.V. (Telenet) and subsidiaries Telenet International Finance S.a.r.l. and Telenet Financing USD LLC are unaffected by the group's proposed $500 million tap issuance to the existing $1.8 billion term loan AI issued by Telenet Financing USD LLC. The 'BB-' issue rating and '3' recovery rating on the group's outstanding senior secured debt are also unchanged. The recovery rating continues to reflect our expectation of meaningful recovery (50%-70%; rounded estimate 60%) in the event of a payment default. Telenet intends to use the net proceeds of the issuance to refinance its 6.25% €450 million senior secured

...FRANKFURT (S&P Global Ratings) May 9, 2017--S&P Global Ratings said today that its '##-' long-term corporate credit ratings and stable outlook on Telenet Group Holding N.V. (Telenet) and subsidiaries Telenet International Finance S.a.r.l. and Telenet Financing USD LLC are unaffected by the group's proposed $500 million tap issuance to the existing $1.8 billion term loan AI issued by Telenet Financing USD LLC. The '##-' issue rating and '3' recovery rating on the group's outstanding senior secured debt are also unchanged. The recovery rating continues to reflect our expectation of meaningful recovery (50%-70%; rounded estimate 60%) in the event of a payment default. Telenet intends to use the net proceeds of the issuance to refinance its 6.25% 450 million senior secured fixed-rate notes due 2022. Although we expect the transaction will moderately lower Telenet's cash interest expense, we forecast that its free operating cash flow will remain between 7% and 9% of adjusted debt in 2017 and...

Bulletin