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Moody's: Mediacom loan Ba3
Moody's Investors Service said it assigned a Ba3 rating to the $200 million proposed first-lien term loan of Mediacom Broadband, a wholly owned operating subsidiary of Mediacom Communications Corp.
The company expects to use proceeds to repay outstanding borrowings under its revolver, to increase balance sheet cash and to fund fees and expenses.
Moody's said the transaction increases gross debt and reduces borrowings under the revolver, which the company had been using as a vehicle to repay debt with free cash flow, but does not materially impact net debt.
Over the next year, Moody's said it expects Mediacom to continue to reduce absolute debt levels and to continue its pattern of achieving lower leverage through a combination of debt reduction and modest EBITDA growth, key to maintaining its B1 corporate family rating.
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