Moody's assigns Cable One facility Ba2

Moody's Investors Service said it assigned Ba2 ratings to Cable One, Inc.'s amended and extended senior secured revolving credit facility, senior secured term loan B-2 (TLB-2) and senior secured term loan B-3 (TLB-3).

The revolver will be upsized to $1 billion from $500 million, and the maturity will be extended to 2028 from 2025. The TLB-3 will be upsized by $150 million, and the maturities of both the TLB-3 and TLB-2 will be extended to 2029 from 2027.

Cable One will repay the senior secured term loan A-2 with revolver draws and the proceeds from upsizing of the TLB-3.

The agency withdrew the Ba2 rating on the term loan A-2 and the Ba2 ratings on the existing revolving credit facility, term loan B-2, and term loan B-3 will be withdrawn at transaction close.

Cable One's Ba3 corporate family rating, Ba3-PD probability of default rating, and all existing instrument ratings are unaffected by the proposed transaction, Moody’s said.

The outlook remains stable.

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