Moody's Expects CBS Radio To Be A 'Standalone Company' In Early 2017
September 30, 2016 at 3:40 AM (PT)
MOODY'S INVESTORS SERVICE has assigned CBS RADIO INC. a B1 corporate family rating and assigned a Ba3 rating to the proposed $1.25 billion first lien credit facility consisting of a $250 million, five-year revolver and a $1 billion, seven-year term loan B. The proposed $460 million senior notes are rated B3. The outlook is stable.
MOODY'S explains, "The proceeds from the transaction will be distributed to CBS CORPORATION as part of the split off of CBS RADIO from the parent company in addition to adding cash to the balance sheet and paying transaction fees. We expect the company to pursue an IPO and begin operating as a standalone company in early 2017." Read the full report here.