Almaviva - New Issue Comment
Almaviva, S.p.A. is to issue €250m of 5NC2 senior secured notes. The proceeds will be used primarily to repay outstanding indebtedness under the €250m bridge facility. The new notes are rated B+ by S&P and B2 by Moody’s. It is the first time that Almaviva will be placing a high yield issuance.
The bridge facility was issued in August 2017 to primarily repay €117m of existing debt (issued in 2012) and €67m of expired VAT including penalties and interest. The loan agreement provides for the possibility of a refinancing by issuing a bond.
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