Moody's rates Mediacom bonds B3

Moody's Investors Service said it assigned a B3 rating to the proposed senior unsecured bonds of Mediacom Broadband LLC (Broadband), a wholly owned operating subsidiary of Mediacom Communications Corp. (Mediacom).

The company expects to use proceeds primarily to fund repayment of Broadband's secured term loan maturing Jan. 31, 2015.

Mediacom's B1 corporate family rating and the positive outlook are unchanged.

Moody's said it considers the transaction a favorable extension of the maturity profile albeit with the potential for a slight increase in interest expense. It would not meaningfully impact the mix of capital or Mediacom's leverage, estimated at approximately 5.5 times debt-to-EBITDA based on results for 2013.

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