Moody's rates Granite loans B2

Moody's Investors Service said it assigned B3 corporate family probability of default ratings to Granite Broadcasting Corp.

Moody's also assigned B2/LGD3 ratings to the company's proposed $5 million first-lien senior secured revolver and $215 million first-lien senior secured term loan.

The outlook is stable.

Proceeds from the new term loan, along with a proposed $45.6 million second-lien term loan, will be used primarily to refinance existing unrated debt.

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