Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction - S&P Global Ratings’ Credit Research

Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction

Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction - S&P Global Ratings’ Credit Research
Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction
Published Jun 02, 2020
3 pages (1248 words) — Published Jun 02, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) June 2, 2020--S&P Global Ratings today lowered its issue-level ratings on U.S. fiber infrastructure and colocation provider Zayo Group LLC's senior unsecured debt to 'CCC+' from 'B'. This debt includes about $150 million of 6.0% notes due 2023, $31 million of 6.375% notes due 2025, and $21 million of 5.75% notes due 2027, which were not tendered as part of the company's take-private transaction completed on March 9, 2020. In addition, we are revising our recovery rating on this debt to '6' from '5', which brings both the recovery and issue-level ratings in line with the new senior unsecured debt the company issued as part of the transaction. The '6' recovery rating indicates our expectation

  
Brief Excerpt:

...June 2, 2020 NEW YORK (S&P Global Ratings) June 2, 2020--S&P Global Ratings today lowered its issue-level ratings on U.S. fiber infrastructure and colocation provider Zayo Group LLC's senior unsecured debt to '###+' from 'B'. This debt includes about $150 million of 6.0% notes due 2023, $31 million of 6.375% notes due 2025, and $21 million of 5.75% notes due 2027, which were not tendered as part of the company's take-private transaction completed on March 9, 2020. In addition, we are revising our recovery rating on this debt to '6' from '5', which brings both the recovery and issue-level ratings in line with the new senior unsecured debt the company issued as part of the transaction. The '6' recovery rating indicates our expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. For the complete recovery analysis, see our recovery report published on Feb. 5, 2020....

  
Report Type:

Ratings Action

Issuer
Zayo Group LLC
GICS
Alternative Carriers (50101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction" Jun 02, 2020. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Zayo-Group-LLC-s-Unsecured-Debt-Downgraded-To-CCC-On-Close-Of-Take-Private-Transaction-2453425>
  
APA:
S&P Global Ratings’ Credit Research. (). Zayo Group LLC's Unsecured Debt Downgraded To 'CCC+' On Close Of Take-Private Transaction Jun 02, 2020. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Zayo-Group-LLC-s-Unsecured-Debt-Downgraded-To-CCC-On-Close-Of-Take-Private-Transaction-2453425>
  
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