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S&P rates RCN Telecom notes CCC+
Standard & Poor's said it affirmed its B corporate credit rating on RCN Telecom Services LLC and revised the outlook to stable from positive.
S&P also assigned its CCC+ issue-level rating to $200 million of private senior unsecured notes due 2021 to be co-issued by RCN Telecom Services LLC and subsidiary RCN Capital Corp. with proceeds to fund a $200 million special dividend. The recovery rating on this debt is 6.
At the same time, the agency affirmed its B issue-level rating on an aggregate $848 million of amended and restated secured credit facilities consisting of a $808 million term loan B due 2020 and a $40 million revolving credit facility due 2018, co-borrowed by RCN Telecom Services LLC and its Yankee Cable Acquisition LLC unit. The 3 recovery rating on this debt is unchanged.
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