S&P assigns BBB+ to Mediacom loans

S&P said it assigned BBB+ issue-level ratings to the planned senior unsecured term loan A of up to $650 million due 2029 and unsecured revolving credit facility of up to $500 million due 2029 issued by Mediacom Communications Corp.'s wholly owned financing subsidiary Mediacom Holdings LLC. Mediacom Holdings does not have any assets or operations. The parent will guarantee the loans.

The ratings are the same as those on Mediacom’s outstanding loans.

Mediacom plans to use the proceeds to refinance all the company's debt balances outstanding, consisting of $325 million of secured term loan debt at Mediacom Broadband Group and $325 million of secured term loan debt at Mediacom LLC. The company's new senior unsecured revolving credit facility will replace the $375 million secured revolver due 2025 at Mediacom Broadband Group and the $370 million secured revolver due 2025 at Mediacom LLC.

The outlook is stable.

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