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S&P rates Mediacom loans BBB-
S&P said it assigned BBB- ratings to secured loans to be issued by Mediacom Broadband LLC and Mediacom LLC. Both companies are subsidiaries of Mediacom Communications Corp.
The recovery rating on the proposed debt issued by subsidiaries of Mediacom Broadband (including MCC Georgia LLC) is 1, indicating expectations for a very high recovery in a simulated default (90%-100%; rounded estimate: 95%). This includes a $500 million term loan A-2, a $425 million term loan A-3 and a $375 million revolver that all mature in March 2025.
The recovery rating on the proposed debt issued by subsidiaries of Mediacom LLC (including Mediacom Illinois LLC) is 2 indicating expectations for a substantial (70%-90%; rounded estimate: 70%) recovery in a simulated default. This includes a $500 million term loan A-2 and a $370 million revolver that are both due in March 2025.
Proceeds will be used to repay debt. As a result, S&P considers the transaction to be leverage neutral.
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