...NEW YORK (S&P Global Ratings) July 11, 2017--S&P Global Ratings today lowered its issue-level rating on Minneapolis-based incumbent cable provider Midcontinent Communications' unsecured debt to 'B' from 'B+' and revised the recovery rating to '6' from '5' following the company's proposed $100 million add-on to its term loan B due in 2023, $100 million add-on to its 6.875% unsecured notes due in 2023, and $50 million upsize to its revolving credit facility due in 2022. The '6' recovery rating indicates our expectation of negligible (0%-10%; rounded estimate: 0%) recovery for unsecured lenders in the event of a payment default. We expect the company to use the $200 million proceeds from the upsized term loan and 6.875% notes as well as $50 million of revolver borrowings to fully repay the $250 million balance on its 6.25% unsecured notes due in 2021. In addition, we affirmed the '##+' issue-level and '1' recovery ratings following the proposed changes to the capital structure. The '1' recovery...
