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Moody’s assigns GCI notes B3
Moody’s Investors Service said it assigned a B3 rating to GCI, LLC’s proposed $600 million of senior unsecured notes. In connection with the financing, the company is also upsizing its senior secured term loan B to $400 million.
The proceeds from the new unsecured notes, the loan, balance sheet cash and revolver draw, totaling about $825 million, will be used to fully repay $775 million in notes, including the $325 million of 6 5/8% unsecured notes due 2024 and the $450 million of 6 7/8% unsecured notes due 2025.
All ratings, including the B2 corporate family rating, B2-PD probability of default rating and all instrument ratings are unaffected by the financing, Moody’s said.
The outlook is stable.
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