S&P assigns Harron notes B-

Standard & Poor's said it placed Harron Communications LP's B corporate credit rating on CreditWatch with positive implications.

At the same time, the agency assigned a B- issue-level rating and a 6 recovery rating to Harron's proposed senior unsecured notes.

S&P said the action follows the company's announcement that it is launching an offer of $225 million of senior unsecured notes due 2020. It plans on using the proceeds from the proposed notes to support a management buyout of certain existing shareholders and repay $55 million of term loan debt.

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