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S&P: GateHouse Media unchanged
Standard & Poor's said its credit ratings and outlook on GateHouse Media Operating Inc. (B+/negative) are not affected at this time by its parent GateHouse Media Inc.'s recent filing of a planned IPO.
According to the filing, the company intends to use the net proceeds to repay Gatehouse Media Operating's $152 million second-lien term loan, S&P said.
The agency noted that the filing also states that GateHouse plans to pay regular quarterly cash dividends and that in certain quarters, the dividend may exceed its net income.
S&P said it said in May that GateHouse was considering an IPO and that if GateHouse Media Operating's second-lien term loan was fully repaid and there were no material changes in the company's operating and financial performance, GateHouse Media Operating's outlook would be revised to stable.
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