Research Update: Terrier Media Buyer Inc. Assigned 'B' Issuer Credit Rating; Outlook Stable; New Debt Rated

Terrier Media Buyer Inc., an affiliate of investment funds managed by Apollo Global Management Inc., has signed definitive agreements to acquire Northwest Broadcasting Inc. (NBI) and Cox Enterprises Inc.'s TV and radio assets, and form a newly combined entity. The newly formed combined entity will do business as Cox Media Group (CMG). Terrier is issuing a $2.2 billion senior secured credit facility, consisting of a $325 million revolver and a $1.875 billion term loan, and $1.165 billion of senior unsecured notes to partially fund the transaction. We are assigning a 'B' issuer credit rating to Terrier. We are also assigning a 'BB-' issue-level rating and '1' recovery rating to the proposed senior secured credit facility, and a 'CCC+' issue-level rating

...- Terrier Media Buyer Inc., an affiliate of investment funds managed by Apollo Global Management Inc., has signed definitive agreements to acquire Northwest Broadcasting Inc. (NBI) and Cox Enterprises Inc.'s TV and radio assets, and form a newly combined entity. The newly formed combined entity will do business as Cox Media Group (CMG). - Terrier is issuing a $2.2 billion senior secured credit facility, consisting of a $325 million revolver and a $1.875 billion term loan, and $1.165 billion of senior unsecured notes to partially fund the transaction. - We are assigning a 'B' issuer credit rating to Terrier. - We are also assigning a '##-' issue-level rating and '1' recovery rating to the proposed senior secured credit facility, and a '###+' issue-level rating and '6' recovery rating to the proposed senior unsecured notes. - The stable outlook reflects our expectation that CMG will execute its separation from its former parent without unexpected incremental stand-alone costs and will decrease...

Research Update