Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Mediacom Communications Corp. > News item |
Moody's gives Mediacom loans Ba3
Moody's Investors Service said it assigned a Ba3 rating to the proposed $250 million first-lien term loan and the $225 million revolving credit commitment of Mediacom LLC, a wholly owned subsidiary of Mediacom Communications Corp.
The company expects to use proceeds from the proposed term loan, together with roughly $150 million under the new revolver, to repay a portion of Mediacom LLC's tranche C term loan due January 2015 and to fund fees and expenses. The proposed transaction does not meaningfully impact leverage or the mix of debt capital.
Moody's also affirmed Mediacom's B1 corporate family rating and changed the outlook for Mediacom, Mediacom LLC, and Mediacom Broadband, the other primary subsidiary of Mediacom, to positive from stable.
The outlook change incorporates expectations for the improvement in credit metrics to continue based on continued modest EBITDA growth and application of free cash flow to debt reduction, such that Mediacom could achieve leverage below 5 times debt-to-EBITDA over the next 18 months.
© 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.