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Moody's assigns Cogeco loan B1
Moody's Investors Service said it assigned a B1 rating to a new seven-year, $900 million first-lien secured term loan issued at Cogeco Financing 2, LP to fund the acquisition of the Ohio Broadband Systems of WideOpenWest Finance, LLC.
“The instrument ratings reflect the probability of default of the Company, as reflected in the B1-PD probability of default rating, an average expected family recovery rate of 50% at default given the covenant-lite nature of the secured debt, and the particular instruments' ranking in the capital structure. The secured credit facilities are rated B1 (LGD4), the same as the CFR, with no significant rated junior debt to provide additional lift,” Moody’s said in a press release.
The outlook is stable.
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