S&P assigns B+ to GCI notes

Standard & Poor's said it assigned its B+ issue-level rating and 5 recovery rating to GCI Inc.'s proposed $450 million senior notes due 2025.

The 5 recovery rating indicates an expectation for modest (10%-30%; at the higher end of the range) recovery in the event of a payment default.

GCI plans to use the proceeds from the notes to refinance the $425 million senior notes due 2019 and pay related fees and expenses.

S&P said GCI’s ratings, including the BB- corporate credit rating and stable outlook, are unchanged because it does not expect credit metrics, including adjusted debt to EBITDA of around 4 times, to meaningfully change as a result of the transaction.

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