Rating On APN News Media#s Proposed Notes Senior Secured Facilities Lowered To #BB#

Stocks and Financial Services Press Releases Wednesday September 17, 2014 09:18
SYDNEY--17 Sep--Standard & Poor's

SYDNEY (Standard & Poor's) Sept. 17, 2014--Standard & Poor's Ratings Servicessaid today that it had withdrawn its 'B+' issue rating on APN News & MediaLtd.'s (APN) proposed senior unsecured notes, which were to be issued by itswholly-owned subsidiary Biffin Pty Ltd. At the same time, we lowered theratings on APN's senior secured bank facilities to 'BB' from 'BB+' and therecovery rating to '4' from '2'. The borrowers are Biffin Pty Ltd and othersubsidiaries, which are wholly-owned and are guaranteed by APN.

The rating actions follow APN's decision that it will not proceed with theproposed bond issuance.

The recovery rating of '4' and long-term rating of 'BB' on APN's seniorsecured bank facilities now reflect the full bank loan amount of A$630million. Previously, we had expected that all of the proceeds from the issuewould be used to repay APN's outstanding debt and to cancel certaincommitments under the senior secured bank facility.


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