Moody's assigns Mediacom' facilities Ba1

Moody's Investors Service said it assigned a Ba1 rating to $2.17 billion in new senior secured credit facilities at MCC Iowa LLC and Mediacom Illinois, subsidiaries of Mediacom Communications Corp. The facilities consist of instruments due 2025, including a new $375 million revolving credit facility, $500 million term loan A2 and $425 million term loan A, A3, issued at MCC Iowa.

Mediacom also plans to issue a new $370 million revolving credit facility and $500 million term loan A2, issued at Mediacom Illinois. The existing term loan A and M will be withdrawn at close.

Mediacom's Ba1 corporate family rating and Ba1-PD probability of default rating are unaffected by the transaction. The outlook is stable. Moody's views the transaction as credit positive, and it expects the proceeds to be used to repay debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.