Moody's gives CCGI, loan B3

Moody's Investors Service said it assigned a first-time B3 corporate family rating and a B3 probability of default rating to CCGI Holding Corp.

The rating agency said it also assigned a B3 (LGD4-50%) rating to the proposed $250 million senior secured term loan and the $25 million revolving credit facility that will be jointly held by Covad Communications Group, Inc. and MegaPath, Inc., both wholly owned subsidiaries of CCGI.

CCGI will guaranty the senior secured facilities. Moody's said, noting that the $250 million term loan under the credit facilities and about $13 million of existing cash will be used to refinance existing debt of the combined company that represents the merger of Covad, MegaPath and Speakeasy Broadband Services LLP.

© 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.