Moody’s gives Cequel notes Caa1

Moody’s Investors Service said it assigned a Caa1 rating to the proposed issuance of $1.05 billion of senior notes due 2028 by Cequel Communications Holdings I, LLC and Cequel Capital Corp.

Proceeds from the transaction will be used to redeem the company's outstanding 6 3/8% senior notes due 2020, the ratings of which will be withdrawn upon close, Moody’s said.

As part of the transaction, Cequel will also extend at least a portion of its revolving bank credit facility to April 2023.

The company's B2 corporate family rating, B2-PD rating, Ba3 secured ratings of subsidiary Altice US Finance I Corp. and Caa1 unsecured ratings are unchanged.

The outlook is positive.

Moody's said it views the proposed issuance to be credit positive with the extended maturities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.