S&P rates Mediacom notes B

Standard & Poor's said it assigned a B rating and 6 recovery rating to Mediacom Broadband's proposed $200 million of senior unsecured notes due 2021.

The 6 recovery rating indicates 0 to 10% expected default recovery.

The issuers, Mediacom Broadband LLC and Mediacom Broadband Corp., are subsidiaries of Mediacom Communications Corp.

The company is expected to use proceeds from the proposed issuance to repay a portion of its term loan D due January 2015, S&P said.

The corresponding BB rating and 2 recovery ratings on its senior secured credit facilities are unchanged. The 2 recovery rating indicates 70% to 90% expected default recovery.

If the company's term loan D is not refinanced prior to July 31, 2014, any outstanding commitments under the revolving credit facility will immediately come due, S&P said.

The liquidity assessment could become pressured if Mediacom doesn't refinance its 2015 debt maturities in a timely fashion, but the agency said it expects the company to address this issue over the next few months, the agency said.

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