ION Media Networks, Inc. -- Moody's affirms ION Media's B1 CFR and B1 rating on first lien debt

New York, November 10, 2014 -- Moody's Investors Service affirmed the B1 Corporate Family Rating (CFR) of ION Media Networks, Inc. (ION Media) and the B1 rating on its first lien credit facility based on the company's plans for a $150 million term loan add-on. The company intends to use proceeds of the term loan add-on along with balance sheet cash to fund a shareholder dividend. Affiliates of Black Diamond Capital Management own Media Holdco, LP (Media Holdco), the primary owner of ION Media with an 85% equity ownership, and are therefore the largest recipient of the dividend. Moody's also upgraded the Probability of Default Rating (PDR) to B1-PD from B2-PD.

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