Block Communications, Inc. -- Moody's says Block Communications' proposed $50 million incremental term loan has no immediate impact on ratings

New York, February 29, 2016 -- Moody's Investors Service said that Block Communications, Inc. increased its proposed incremental term loan B due November 2021 to $50 million from $30 million. The increase has no immediate impact on ratings nor the stable outlook given funded debt increases by only $20 million (or less than 5%). Net proceeds of $30 million will repay all advances under the $100 million revolver facility which expires on December 2, 2016. The elimination of near term maturities of funded debt is credit positive, and we expect management will be opportunistic in refinancing the revolver commitment.

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