Moody’s: Ion Media unaffected by loan add-on

Moody's Investors Service said that Ion Media Networks, Inc.'s B1 corporate family rating, B1-PD probability of default rating, B1/LGD3 senior secured bank credit facility rating and the stable outlook will not change as a result of the proposed $250 million add-on to its existing term loan B.

Proceeds from the add-on along with excess balance sheet cash will be used to fund a distribution to affiliates of Black Diamond Capital Management, the company's financial sponsors.

Ion Media also announced that it would reprice its existing roughly $827 million term loan B, which would lead to interest cost savings and positively impact free cash flows.

All other terms and conditions governing the bank credit facility, including the maturity date of December 2020, remain unchanged.

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