Moody's rates Tribune loans Ba3

Moody's Investors Service said it assigned Ba3 to each of Tribune Co.'s proposed $300 million first-lien senior secured revolver and $3.8 billion first-lien senior secured term loan.

Moody's also assigned an SGL-1 speculative grade liquidity rating and confirmed the Ba3 corporate family rating as well as the Ba3-PD probability of default rating.

The outlook is stable.

Proceeds from the credit facilities and cash on the balance sheet will be used to fund the $2.7 billion acquisition of Local TV Holdings, LLC and to refinance the existing $1.1 billion first-lien senior secured term loan.

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