Moody's gives Regent Broadcasting, loan B1

Moody's Investors Service said it assigned a B1 corporate family rating and SGL-3 speculative-grade liquidity rating to Regent Broadcasting, LLC.

Additionally, Moody's said it said it said it said it said it said it assigned B1 ratings to the proposed $70 million seven-year revolving credit facility, $45 million seven-year delay draw term loan and $125 million seven-year term loan B.

Proceeds from the transaction along with funds received from the divestiture of 11 of its stations will be used to acquire five stations in Buffalo, N.Y., from CBS and one station in Albany, N.Y. and refinance the company's existing debt, the agency noted.

Moody's added that the B1 corporate family rating reflects Regent's significant debt to EBITDA leverage, modest-scale and asset coverage.

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