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S&P rates Harron loan BB
Standard & Poor's said it assigned a BB rating and 1 recovery rating to Harron Communications LP's proposed $465 million senior secured credit facilities.
The 1 recovery rating reflects 90% to 100% expected default recovery.
The credit facilities consist of a $60 million revolving credit facility due 2018, a $180 million term loan A due 2018 and a $225 million term loan B due 2020.
The proceeds will be used to refinance loans under the company's existing credit facilities, S&P said.
The B+ corporate credit rating and stable rating outlook on remains unchanged, the agency said.
As a result of the refinancing, S&P said it expects a modest decline in annual interest expense and no change in debt-to-EBITDA, which was about 6.4x as of March 31.
The ratings consider the company's satisfactory business risk profile, reflecting its good profitability, its operations in less-competitive second-tier markets and its position as the leading provider of pay-TV services in its markets, the agency said.
Tempering risk factors include a mature basic video services business with only modest revenue growth prospects and below industry-average penetration, S&P said.
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