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Global Credit Research - 08 Nov 2010
London, 08 November 2010 -- Moody's Investors Service has today assigned a provisional (P)B1
rating to the proposed EUR175 million senior unsecured notes due 2018
to be issued by TVN Finance Corporation III AB, a wholly owned finance
subsidiary of TVN S.A. ("TVN"). TVN's
corporate family rating (CFR) is B1, with a stable outlook.
Moody's understands that TVN intends to use the proceeds from the
notes to (i) repay outstanding amounts under the PLN500 million unsecured
bonds due in June 2013 and (ii) collateralise outstanding amounts under
its PLN200 million loan facility, currently used for guarantee purposes,
with the proceeds from the new notes. The company has stated in
its prospectus that (i) it intends to keep the portion of funds to be
used to repay the PLN notes in separate accounts until the earliest call
date, expected to be 14 June 2011; and (ii) the loan facility
will be cancelled.
The (P)B1 rating on the new notes -- in line with the CFR --
reflects their unsecured position within TVN's capital structure,
as well as their pari passu ranking with TVN's existing senior unsecured
notes due in 2017. Both the new and existing notes will share the
same guarantee and covenant package. As of 30 September 2010,
the guarantor group represented at least 90% of TVN's EBITDA,
net income and assets.
Subsequent to the transaction TVN's capital structure will consist
of an all-bond structure and the group will be subject to,
among other restrictions, an incurrence-based covenant restriction
at 5.5x consolidated debt/EBITDA and associated carve-outs,
including a general basket not to exceed EUR75 million. The B1
CFR of TVN incorporates Moody's expectation that TVN will not take
advantage of its flexibility with regard to debt incurrence, as
the group currently benefits from a relatively good level of liquidity
and cash on the balance sheet. Moody's expects TVN's
dividend policy to remain between 30% and 50% of annual
net profits and any acquisitions to be of an add-on nature going
forward. The B1 CFR is also cognizant of the fact that TVN is a
publicly listed company, majority owned and controlled by the ITI
Group, itself holding a meaningful amount of external debt.
TVN has demonstrated success in further diversifying its revenue base,
from TV advertising and carriage fees from the production of TV content
into subscription-based revenues from pay TV, thanks to its
acquisition of the DTH satellite platform "n". In addition,
the group has slightly improved its already strong market position in
the Polish TV market. However, the B1 CFR continues to incorporate
the evolution of TVN's business risk as a result of the acquisition
of "n", which remains in the early stages of development.
Moody's notes that "n" has made good progress and exceeded
TVN's expectations in terms of subscriber acquisitions as well as
revenue and EBITDA performance. However, the rating agency
also understands that "n" is expected to remain a negative
contributor to the group in terms of cash flow generation for 2010.
Moody's notes that TVN's financial profile has improved in
2010 as the TV advertising market has shown signs of stabilisation and
recovery. The stable outlook reflects Moody's expectation
that TVN will gradually return to sustainable positive free cash flow
generation - having taken into account the company's current
dividend policy of distributing 30% of net profits - as
the market continues to recover, "n" gradually becomes
EBITDA breakeven and improves its cash flow profile.
A return to sustainable free cash flow generation, combined with
leverage falling sustainably below 4.5x, could exert positive
pressure on the rating of TVN. However, Moody's notes
that with all of TVN's debt now denominated in euros, the
group remains exposed to adverse currency movements, potentially
constraining positive pressure on its rating.
Negative pressure could be exerted on the rating as a result of a deterioration
in TVN's operating performance, leading to an increase in
leverage, such that the group's debt/EBITDA ratio moves above
Moody's previous rating action on TVN was implemented on 26 April
2010, when a B1 rating was assigned to TVN Finance Corporation II
A.B.'s senior notes worth approximately EUR148 million
and due in 2017, issued to the parent company of TVN S.A.,
ITI Group, in March 2010.
The principal methodology used in rating TVN was Moody's "Global
Broadcast Industry Rating Methodology", published in June
Headquartered in Warsaw, TVN is one of the leading television broadcasters
in Poland. The company also owns and operates Poland's leading
internet portal, Onet.pl, and Pay-TV DTH operator
"n". In the nine months to 30 September 2010,
the company reported net revenues of approximately PLN1.7 billion
and EBITDA of PLN425 million. TVN is publicly listed in the Warsaw
Stock Exchange, majority owned -- with 56.45%
interest -- and controlled by the ITI Group.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
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Service(s) to the rated entity or its related third parties within the
three years preceding the Credit Rating Action. Please see the
ratings disclosure page www.moodys.com/disclosures on our
website for further information.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
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Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Senior Vice President
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Investors Service Ltd.
Moody's assigns (P)B1 rating to TVN's new EUR175 million senior unsecured notes
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