...NEW YORK (S&P Global Ratings) June 29, 2017--S&P Global Ratings said today that its ratings on Boulder, Colo.-based fiber infrastructure and colocation provider Zayo Group LLC (B+/Stable/--) are unaffected by the company's proposed $300 million add-on to its $1.35 billion of 5.75% senior unsecured notes due 2027. The issue-level rating on the company's senior unsecured debt is 'B' and the recovery rating on this debt is '5', which indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery of principal and interest for unsecured lenders in the event of a payment default. The company will use net proceeds of the add-on to repay approximately $300 million of the $1.4 billion of senior secured debt that is currently outstanding on its term loan B-2. Despite the reduction in secured debt, the '##' issue-level rating and '1' recovery rating are also unchanged as a result of the transaction. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded...
