Moody’s rates CBS Radio revolver Ba3

Moody's Investors Service said it assigned a Ba3 rating to CBS Radio Inc.'s proposed $250 million revolving credit facility.

The Ba3 rating of the upsized term loan B-1 and B1 corporate family rating are unchanged.

The outlook remains stable.

The term loan B-1 due 2024 is expected to be upsized by $830 million to $1.33 billion from $500 million. Proceeds and a draw of $100 million from the new revolver are expected to fund the repayment of the existing term loan B due 2023 and repay the outstanding balance on the prior revolving credit facility.

The transaction extends the maturity date of the credit facility and leads to additional interest expense savings, the agency explained.

The transaction is expected to close following the merger between CBS Radio and Entercom Communications Corp. that was announced on Feb. 2, 2017 with Entercom being the surviving entity.

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