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Moody’s gives Alpha Media CFR B2, loans B1
Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Alpha Media LLC.
The agency also assigned B1 to the company's proposed $20 million first-lien senior secured revolver and its $265 million first-lien senior secured term loan.
The outlook is stable.
Proceeds from the new term loan, new $65 million second-lien term loan (unrated), new $55 million HoldCo PIK note (unrated), the sale of tower assets and excess cash will be used to fund the $264 million acquisition of Digity, LLC, the refinancing of existing Alpha Media debt (roughly $168 million outstanding) and related expenses.
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