...August 12, 2024 NEW YORK (S&P Global Ratings) Aug. 12, 2024--S&P Global Ratings today assigned its 'B+' issue-level rating and '6' recovery rating to Midcontinent Communications' proposed $650 million senior unsecured notes due 2032. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. This follows the recent announcement by Midcontinent that it will extend its partnership with Comcast through Dec. 31, 2030. We expect the company to use the proceeds from the notes to fund a $300 million distribution its shareholders as a result of the partnership extension (Midcontinent Media Inc., and its 50% partner Comcast) and fully repay its $350 million of 5.375% senior unsecured notes due 2027. This follows the proposed $650 million term loan B due in 2031 (upsized from $600 million) and $475 million revolving credit facility due in 2029 (downsized from $500 million) transactions that were announced in July. We...
