Research Update: Mood Media Corp. Assigned 'B' Rating, Stable Outlook On Pending Muzak Holdings LLC Acquisition Apr 11
Standard & Poors, April 2011
Abstract
Toronto-based Mood Media Corp. signed a definitive agreement on March 24, 2011, to acquire privately held South-Carolina-based Muzak Holdings LLC for US$345 million, including up to US$30 million in earn-out payments. As a result, we are assigning our 'B' long-term corporate credit rating and stable outlook to Mood Media. Mood Media will pay for the acquisition and refinancing of its existing debt with US$480 million in new bank debt. We are also assigning our 'B' issue-level rating, and '3' recovery rating, to the company's proposed first-lien secured debt, consisting of a US$390 million term loan due 2018 and a US$25 million revolving credit facility due 2016. In addition, we are assigning our 'CCC+' issue-level rating, and '6' recovery rating, to...
Companies mentioned in this report are:
- Mood Media Corp.
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Mood Media Corp.
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