Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research

Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2')

Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research
Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2')
Published Apr 19, 2019
4 pages (1927 words) — Published Apr 19, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) April 19, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating and '2' recovery rating to Phoenix-based cable TV and internet provider Cable One Inc.'s $1.05 billion secured facilities, consisting of a $450 million delayed-draw term loan A due in 2024, a $350 million revolving credit facility due in 2024, and a $250 million term loan A due in 2024. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. We are placing our 'BBB-' issue-level rating on Cable One's existing senior secured debt on CreditWatch with negative implications given that recovery prospects would be hindered given increased secured debt claims. When the proposed

  
Brief Excerpt:

...April 19, 2019 NEW YORK (S&P Global Ratings) April 19, 2019--S&P Global Ratings today assigned its '##+' issue-level rating and '2' recovery rating to Phoenix-based cable TV and internet provider Cable One Inc.'s $1.05 billion secured facilities, consisting of a $450 million delayed-draw term loan A due in 2024, a $350 million revolving credit facility due in 2024, and a $250 million term loan A due in 2024. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. We are placing our '###-' issue-level rating on Cable One's existing senior secured debt on CreditWatch with negative implications given that recovery prospects would be hindered given increased secured debt claims. When the proposed deal is complete, we expect to lower the rating to '##+' with a '2' recovery rating. The proposed $350 million revolving credit facility will replace the $200 million facility due in 2020, and the proposed $250 million...

  
Report Type:

Ratings Action

Issuer
Cable One, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2')" Apr 19, 2019. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Proposed-1-05-Billion-Secured-Debt-Facilities-Rated-BB-Recovery-Rating-2-2219084>
  
APA:
S&P Global Ratings’ Credit Research. (). Cable One Inc.'s Proposed $1.05 Billion Secured Debt Facilities Rated 'BB+' (Recovery Rating: '2') Apr 19, 2019. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Proposed-1-05-Billion-Secured-Debt-Facilities-Rated-BB-Recovery-Rating-2-2219084>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.