Moody’s rates Mediaocean facilities B2

Moody’s Investors Service said it assigned B2 instrument ratings to Mediaocean LLC’s proposed senior secured first-lien bank credit facilities.

Proceeds from the new $275 million term loan along with $23.3 million of cash will be used to refinance the company’s existing $293.3 million bank debt. Moody’s will withdraw the ratings of the existing first-lien term loan and revolver on completion of the refinancing.

“The planned debt repayment and refinancing will reduce leverage and extend Mediaocean’s debt maturity profile. The ratings remain unchanged, however, as we believe the risk of future dividend distributions is very high, as illustrated by recently attempted dividend recap, and it largely offsets the company’s currently strong credit metrics,” said Mariya Moore, a Moody’s analyst, in a press release.

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