waltermasoni
Caribbean Trader
Fitch Affirms Ukraine at 'B-'; Outlook Stable
08 MAR 2019 04:01 PM ET
08 MAR 2019 04:01 PM ET
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
impegnativo
Guest
Stamattina ho incrementato Safeway inc 7,25% 2031 US786514BA67 a 88.
Near
Forumer storico
se la situazione di prezzi resta appetibile ne prendo anche io dopo il 15 con le cedole di petrobras
Near
Forumer storico
fabriziof
Forumer storico
Buono.Ci subordiniamo sempre di più noi unsecured però,comunque si prende tempobig news !
anche questa al 35% ?
waltermasoni
Caribbean Trader
Rating Action:
Moody's assigns B2 rating on Frontier's new First Lien Senior Secured Notes
12 Mar 2019
New York, March 12, 2019 -- Moody's Investors Service ("Moody's") has assigned a B2 (LGD3) to Frontier Communications Corporation's (Frontier) new $1.65 billion first lien senior secured notes due 2027. This rating is in line with the existing rating for the company's first lien debt class. Proceeds from this new debt raise will be used to repay the company's senior secured term loan A due March 2021 and its senior secured term loan facility due October 2021. In addition, Frontier is expected to extend at least $835 million of its $850 million revolving credit facility maturity to February 2024 simultaneously with the closing of this first lien senior secured notes offering, or two years beyond the facility's current February 2022 maturity. The maturity date of any revolver commitment not extended will remain February 2022. All other ratings including Frontier's B3 corporate family rating (CFR) and stable outlook are unchanged.
This refinancing will provide Frontier with additional flexibility, further extending a previously manageable maturity profile for longer and now through year-end 2021. In early 2018 the company's full common stock dividend elimination and cash tender for short maturity unsecured notes using proceeds from a second lien notes offering were credit positive and liquidity enhancing actions that contributed to the company's stable outlook. Frontier has a strong ability to address remaining upcoming unsecured maturities though 2021 with internally generated cash flow and revolver availability. Moody's expects Frontier to generate at least $500 million in free cash flow annually. This improved liquidity position affords the company additional time and flexibility to improve its still weak operating trends. Despite sequential improvement in certain operating metrics, Moody's believes that Frontier's EBITDA will remain under pressure until it can reverse its negative subscriber trends and lower churn levels.
Moody's assigns B2 rating on Frontier's new First Lien Senior Secured Notes
12 Mar 2019
New York, March 12, 2019 -- Moody's Investors Service ("Moody's") has assigned a B2 (LGD3) to Frontier Communications Corporation's (Frontier) new $1.65 billion first lien senior secured notes due 2027. This rating is in line with the existing rating for the company's first lien debt class. Proceeds from this new debt raise will be used to repay the company's senior secured term loan A due March 2021 and its senior secured term loan facility due October 2021. In addition, Frontier is expected to extend at least $835 million of its $850 million revolving credit facility maturity to February 2024 simultaneously with the closing of this first lien senior secured notes offering, or two years beyond the facility's current February 2022 maturity. The maturity date of any revolver commitment not extended will remain February 2022. All other ratings including Frontier's B3 corporate family rating (CFR) and stable outlook are unchanged.
This refinancing will provide Frontier with additional flexibility, further extending a previously manageable maturity profile for longer and now through year-end 2021. In early 2018 the company's full common stock dividend elimination and cash tender for short maturity unsecured notes using proceeds from a second lien notes offering were credit positive and liquidity enhancing actions that contributed to the company's stable outlook. Frontier has a strong ability to address remaining upcoming unsecured maturities though 2021 with internally generated cash flow and revolver availability. Moody's expects Frontier to generate at least $500 million in free cash flow annually. This improved liquidity position affords the company additional time and flexibility to improve its still weak operating trends. Despite sequential improvement in certain operating metrics, Moody's believes that Frontier's EBITDA will remain under pressure until it can reverse its negative subscriber trends and lower churn levels.
