...January 26, 2021 CHICAGO (S&P Global Ratings) Jan. 26, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '2' recovery rating to Terrier Media Buyer Inc.'s (Cox Media Group) proposed $2.159 billion senior secured term loan B due 2026. We consider this a debt-for-debt transaction because the company will use the proceeds from the new loan to repay its existing $2.010 billion outstanding term loan B and $150 million term loan B-1 facilities. Additionally, Terrier is seeking to price the facility at LIBOR+3.75% (down from LIBOR+4.25% currently). All of our other ratings on the company remain unchanged because we view the transaction as leverage neutral. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors - Terrier Media Buyer Inc. is the borrower of the $325 million senior secured first-lien revolving credit facility expiring in 2024, the new proposed $2.159 billion senior secured term loan due 2026, and the $1.015 billion of senior unsecured notes due 2027. - The...
