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S&P assigns Atlantic Broadband loan B
Standard & Poor's said it assigned a B bank loan rating and a 3 recovery rating to Atlantic Broadband Finance LLC's proposed amended and restated $525 million senior secured credit facility.
At the same time, the agency said it affirmed the existing ratings, including the B corporate credit rating, on the company.
The outlook is positive.
S&P added that the new bank facility will consist of a $435 million term loan B due 2012 and a $90 million revolving loan due 2010 and will replace the existing $445 million bank facility which included a $30 million term loan A, a $325 million term loan B and a $90 million revolving loan. In addition, the new facility will loosen the financial covenants.
The rating affirmations reflect S&P's view that while the expanded bank borrowings will increase pro forma debt to latest-12-month EBITDA to 6.9x from 6.2x at the end of the third quarter, this modest impact on ratings is offset by improved operating results over the past few quarters.
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