Harron Communications, LP -- Moody's says Harron's second asset sale and $120 million dividend have no immediate impact on ratings; divestiture further reduces small scale

New York, July 14, 2015 -- Moody's Investors Service says Harron Communications, L.P. ("Harron") recently announced the sale of its Connecticut cable systems for roughly $200 million. The company also plans to pay a total of $120 million in dividends including $50 million that was paid on July 2, 2015 and funded with revolver advances plus another $70 million upon closing of its proposed amendment. Remaining net proceeds and balance sheet cash will be used to fully repay $83.6 million of outstanding Term Loan B advances. The divestiture in combination with the dividend is credit negative, but does not have an immediate impact on its B2 Corporate Family Rating or the stable outlook.

Vollständigen Artikel bei Moodys lesen