Moody’s gives Radio One loan, notes B2

Moody's Investors Service said it assigned B2 (LGD3) to Radio One, Inc.'s proposed $350 million senior secured term loan and $350 million senior secured notes.

The agency also affirmed Radio One's B3 corporate family rating, B3-PD probability of default rating and SGL-3 speculative grade liquidity rating.

The outlook is stable.

Proceeds from the new debt instruments and from a $12 million of seller note (unrated) plus a portion of excess cash will be used to fund the purchase of Comcast's 47˝% stake of TV One, refinance Radio One's existing term loan and TV One's existing senior secured notes, and pay related transaction costs.

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