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Moody's rates Radio One loan B1, notes Caa3
Moody's Investors Service said it affirmed Radio One, Inc.'s Caa1 corporate family rating and Caa2/LD probability of default rating.
Moody's said it upgraded the $23.7 million tranche A first-lien term loan due 2012 to B1 (LGD2, 12%) from B2 (LGD2, 17%) and rated the $38.8 million first-lien revolver due 2012 at B1 (LGD2, 12%), the $323 million first-lien tranche B term loan due 2012 at B1 (LGD2, 12%) and the 12.5%/15% senior notes due 2016 at Caa3 (LGD4, 61%).
The ratings consider expected growth in EBITDA, improving debt-to-EBITDA leverage ratios and a large market presence as well as reported debt balances, Moody's said.
Radio One's high pro forma debt-to-EBITDA ratio is about 8 times.
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