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S&P gives Terrier Media loan B+
S&P said it gave its B+ issue-level and 2 recovery ratings to Terrier Media Buyer Inc.'s (Cox Media Group) proposed $2.159 billion senior secured term loan B due 2026.
“We consider this a debt-for-debt transaction because the company will use the proceeds from the new loan to repay its existing $2.01 billion outstanding term loan B and $150 million term loan B-1 facilities. Additionally, Terrier is seeking to price the facility at Libor+3.75% (down from Libor+4.25% currently),” S&P said in a press release.
The agency’s other Terrier ratings remain unchanged because it views the transaction as leverage neutral, S&P said.
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