Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research

Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2')

Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research
Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2')
Published Apr 26, 2021
4 pages (1786 words) — Published Apr 26, 2021
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Abstract:

NEW YORK (S&P Global Ratings) April 26, 2021--S&P Global Ratings today assigned its 'BB+' issue-level and '2' recovery ratings to Phoenix-based cable TV and internet provider Cable One Inc.'s $600 million term loan B-4 due 2028. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. The company will use the new term loan to refinance the remaining $589 million balance on Hargray Holdings LLC's existing term loan upon the closing of the Hargray acquisition, which we expect will occur in second-quarter 2021. In addition, we affirmed our 'BB+' issue-level rating on Cable One's existing secured debt facilities, which include a $500 million revolver due 2025, a $700 million

  
Brief Excerpt:

...April 26, 2021 NEW YORK (S&P Global Ratings) April 26, 2021--S&P Global Ratings today assigned its '##+' issue-level and '2' recovery ratings to Phoenix-based cable TV and internet provider Cable One Inc.'s $600 million term loan B-4 due 2028. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. The company will use the new term loan to refinance the remaining $589 million balance on Hargray Holdings LLC's existing term loan upon the closing of the Hargray acquisition, which we expect will occur in second-quarter 2021. In addition, we affirmed our '##+' issue-level rating on Cable One's existing secured debt facilities, which include a $500 million revolver due 2025, a $700 million term loan A due 2025, a $250 million term loan B-2 due 2027, and a $625 million term loan B-3 due 2027. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event...

  
Report Type:

Ratings Action

Issuer
Cable One, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2')" Apr 26, 2021. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Proposed-600-Million-Term-Loan-B-4-Due-2028-Rated-BB-Recovery-Rating-2-2635542>
  
APA:
S&P Global Ratings’ Credit Research. (). Cable One Inc.'s Proposed $600 Million Term Loan B-4 Due 2028 Rated 'BB+' (Recovery Rating: '2') Apr 26, 2021. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Cable-One-Inc-s-Proposed-600-Million-Term-Loan-B-4-Due-2028-Rated-BB-Recovery-Rating-2-2635542>
  
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