Wind Tre - New Issue Recommendation
Wind Tre S.p.A. is to issue €7.3bn (equivalent) of senior secured notes (SSN). The proceeds, along with €3bn of term loans, will be used to fully refinance the company’s capital structure. Expected ratings are BB-/B1.
This refinancing supports our Positive credit view on Wind Tre. It will allow the company to save over €200m per year in interest expenses and to push back maturities while having no material impact on net leverage.
As we previously stated, we are confident regarding Wind Tre’s ability to cope with the future entrance of Iliad into the Italian market (most likely at the beginning of 2018). We do not believe that Iliad’s move will prove to be as disruptive as was the case following the launch of its mobile offer in France in 2012.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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