Moody’s assigns Mediacom loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed first-lien term loan of Mediacom LLC, a wholly owned subsidiary of Mediacom Communications Corp.

The company expects to use proceeds to repay Mediacom LLC's 9 1/8% senior notes maturing in August 2019.

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

Moody’s said the transaction would favorably extend maturities and lower annual interest expense, with no meaningful impact on leverage, which the agency estimates at about 5.4 times debt-to-EBITDA for the trailing 12 months ended March 31 and pro forma for the recent issuance of term loans by both Mediacom LLC and sister subsidiary Mediacom Broadband.

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