S&P cuts FoxCo notes

Standard & Poor's said it revised its issue-level and recovery ratings on the proposed senior unsecured notes offering of FoxCo Acquisition Sub LLC, the financing subsidiary of FoxCo Acquisition LLC, due to a change in the proposed deal structure.

The company has announced that it now intends to issue $200 million, downsized from $230 million, of senior unsecured notes due 2016.

The senior secured portion of the financing now consists of a $50 million revolving credit facility due 2014 and a $515 million, upsized from $485 million, term loan B due 2015, S&P said, adding that the issue-level rating on the secured facility remains at BB-, two notches higher than the B corporate credit rating on FoxCo Acquisition LLC, and the recovery rating remains at 1.

S&P added that the issue-level rating on the senior unsecured notes was revised to CCC+, two notches lower than the B corporate credit rating, from B- and the recovery rating was revised to 6 from 5.

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