Moody’s cuts WideOpenWest revolvers, rates loan B1

Moody's Investors Service said it affirmed the B2 corporate family rating of WideOpenWest Finance, LLC and assigned a B1 rating to its proposed $2.1 billion senior secured term loan.

The agency also downgraded the company’s existing senior secured revolving credit facilities to B1 from Ba3 prior.

WideOpenWest will use the proceeds from the transaction to repay its existing $1.8 billion term loan, fund the $56 million acquisition of NuLink and repay about $160 million of senior subordinated notes. The repayment of subordinated debt will reduce the structural support provided to the secured debt and result in a one notch downgrade to B1.

Moody's also affirmed the company's, Caa1 senior unsecured and senior subordinated ratings, and B2-PD probability of default rating.

The outlook remains stable.

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