Moody’s rates Tegna notes Ba3, cuts rates

Moody’s Investors Service said it assigned Tegna Inc.’s $900 million senior notes due 2029 a Ba3 rating.

Proceeds will be used to repay debt.

The agency also downgraded Tegna’s corporate family rating to Ba3 from Ba2 and probability of default rating to Ba2-PD from Ba1-PD.

Moody’s downgraded the rating on the company's senior unsecured bank credit facility and existing senior unsecured notes to Ba3 from Ba2.

“The downgrade of the CFR reflects Moody’s expectations that following the additional debt raised for the Nexstar Broadcasting, Inc. ("Nexstar") (B1 stable) and Dispatch transactions, Tegna’s leverage (Moody's-adjusted and pro-forma for all acquisitions) will be around 5.3x at year-end 2019 (on a two year average) and decrease to around 4.5x in 2020,” said Moody’s in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.