Radiate HoldCo, LLC -- Moody's assigns B2 CFR to Radiate HoldCo, LLC, stable outlook

New York, November 28, 2016 -- Moody's Investors Service ("Moody's") assigned a first-time B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR) to Radiate HoldCo, LLC (Radiate), the parent of RCN Telecom Services, LLC (RCN) and Grande Communications Networks LLC (Grande). Moody's has assigned a B1 instrument-level rating to the company's proposed $1.3 billion first-lien term loan and $150 million first-lien revolver. The ratings are notched higher than the CFR as we expect the company to subsequently issue unsecured notes to fund the balance of the transaction which we estimate will be close to $500 million. Proceeds will be used to fund the acquisition price of approximately $2.25 billion for both RCN and Grande. At close of the transaction, all debt at both RCN and Grande will be repaid and all ratings will be withdrawn, with Radiate surviving as the sole credit entity.

Vollständigen Artikel bei Moodys lesen