S&P rates Radiate notes CCC+

S&P said it assigned its CCC+ issue-level rating to Radiate Holdco LLC's proposed $300 million unsecured notes.

The 6 recovery rating indicates an expectation of minimal (0%-10%; rounded estimate: 0%) recovery in a simulated default scenario.

Proceeds will be used to fund the previously announced acquisition of WaveDivision Holdings.

The B corporate credit rating is not affected, as this financing was incorporated into the agency’s recent affirmation of the rating, S&P said.

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