...February 22, 2024 PARIS (S&P Global Ratings) Feb. 22, 2024--S&P Global Ratings today said it assigned its 'B+' issue rating and '3' recovery rating to the proposed new facility B3 term loan due May 2029 issued by eircom Finco S.a.r.l. The new tranche is part of the proposed partial refinancing of its senior secured term loans, in which the existing loans in facility B or facility B2 would roll over into a facility B3. The '3' recovery rating indicates our expectation of meaningful recovery expectations (50%-70%; rounded estimate: 55%) in the event of default. The rating on the proposed facility is in line with that on the existing senior secured term loans and senior secured notes. We currently see limited headroom under the 'B+' rating. This reflects limited cash flow from continued pressure in the wholesale broadband market, rising interest expense, higher capital expenditure (capex) to roll out its fiber network, and material restructuring costs. Given this, along with continued dividend...
