S&P: No change to Zayo

Standard & Poor's said its ratings on Zayo Group LLC, including the B corporate credit rating and stable outlook, remain unchanged following the company's proposed $120 million add-on to its term loan facility due 2019.

The proposal will increase the size of the facility to $1.62 billion from $1.5 billion.

S&P said the issue-level rating on the senior secured debt remains B with a 4 recovery rating, indicating expectations for average recovery of principal in the event of default.

The agency said it expects the company to use funds from the transaction to increase liquidity and potentially fund future acquisitions.

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