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S&P rates TowerCo loans BB
Standard & Poor's said it assigned a BB rating to TowerCo Finance LLC's proposed $390 million credit facility, consisting of a $350 million term loan B due 2017 and a $40 million revolving credit facility due 2015.
The 1 recovery rating indicates expectations for 90% to 100% recovery.
The B+ corporate credit rating was affirmed.
The outlook is stable.
Proceeds will be used to repay the company's $240 million credit facility and to pay a $150 million dividend to shareholders.
The affirmation is based on expectation that pro forma adjusted leverage, at about 9.4x debt to EBITDA based on estimated 2010 results, will decline to below 9.0x by the end of 2011, S&P said.
TowerCo benefits from the strong underlying trends in the wireless communications industry, specifically, continued subscriber growth and strong per-subscriber usage, the agency said.
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