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Moody’s applies Caa1 to Radiate notes
Moody's Investors Service said it assigned a Caa1 unsecured rating to Radiate HoldCo, LLC's proposed $400 million notes issuance.
This issuance is part of the financing of Radiate's acquisition of both RCN Telecom Services LLC and Grande Communications Networks LLC for about $2.25 billion in August of 2016.
The company's B1 senior secured rating, B2 corporate family rating and B2-PD probability of default rating were affirmed as part of this transaction.
The outlook remains stable.
Pro forma for the acquisition, Radiate's leverage will be about 6.4 times (Moody's adjusted) which remains within our tolerances to support a B2 corporate family rating. Although leverage in the mid 6 times is high for a B2-rated company, Moody’s said it expects leverage to fall below 6 times by the end of 2017.
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