New York, May 09, 2013 -- Moody's Investors Service assigned a Caa1 rating to the $65 million add-on senior unsecured bonds of Harron Communications, L.P. (Harron). The company intends to use proceeds primarily to fund a $25 million equity repurchase and to repay approximately $35 million of outstanding first lien bank debt, comprised of term loan and revolver borrowings. Moody's also upgraded Harron's first lien bank debt to Ba3 from B1, based on the increase in junior capital and the reduction in first lien debt.
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