S&P gives TowerCo II B+, loan BB

Standard & Poor's said it assigned its B+ corporate credit rating to TowerCo II Holdings LLC.

In addition, the agency said it assigned its BB issue-level and 1 recovery ratings to subsidiary TowerCo Finance LLC's proposed $240 million credit facility, adding that the facility will consist of a $200 million term loan B due 2014 and a $40 million revolving credit facility due 2012.

Proceeds will be used return of capital to the company's equity holders and for general corporate purposes, S&P noted.

The outlook is stable.

"The ratings on TowerCo reflect, in its opinion, the company's highly leveraged financial profile," said S&P credit analyst Naveen Sarma, adding that the agency estimates the company's leverage at 10.1x debt to latest-12-month EBITDA, pro forma for the transaction and adjusted for operating leases.

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