Moody's lifts CCGI loan

Moody's Investors Service said it upgraded CCGI Holding Corp.'s senior secured facilities to B2 from B3 due to a change in the company's capital structure, which now will include about $93 million of subordinated notes.

These subordinated notes are the remaining portion of the $149 million amount held by the company's primary sponsor, following the exchange of a portion of the subordinated notes into equity in the company's restructuring and merger of Covad Communications Group, Inc. with MegaPath, Inc. and acquisition of Speakeasy Broadband Services LLP, the agency added.

CCGI has also changed the terms of the senior secured term loan and revolving credit facilities by lowering the previously contemplated $250 million senior secured term loan to $150 million and reducing the tenor of the term loan to five years from six years, the agency added.

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