...July 17, 2019 NEW YORK (S&P Global Ratings) July 17, 2019--S&P Global Ratings today assigned its '##' issue-level rating and '2' recovery rating to Sioux Falls, S.D.-based cable provider Midcontinent Communications' proposed $685 million term loan B due 2026. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. At the same time, we are assigning our 'B' issue-level rating and '6' recovery rating to the company's proposed $300 million senior unsecured notes due 2027. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. Midcontinent Communications and Midcontinent Finance Corp. will be the issuers of the unsecured notes We expect the company to use the proceeds from these issuances to fund the redemption of its existing $550 million 6.875% notes due in 2023, pay down the $376 million balance on its term loan B due...
