Moody's rates Entravision loans B2

Moody's Investors Service said it assigned B2 instrument ratings to Entravision Communications Corp.'s proposed $30 million first-lien senior secured revolver and $375 million first-lien senior secured term loan.

Proceeds from the new credit facility will be used to refinance debt instruments including the existing $324 million of 8¾% senior secured first-lien notes and a $20 million senior secured first-lien term loan A as well as to fund about $21 million of call premiums.

The outlook was changed to positive from stable reflecting improved operating performance over the last 12 months.

In addition, Moody's assigned a SGL- 2 speculative grade liquidity rating, affirmed the B2 corporate family rating and revised the probability of default to B3-PD from B2-PD reflecting the proposed all bank debt structure.

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