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Bulletin: Consolidated Communications Holdings Inc. Ratings Unaffected By Pending Acquisition Of SureWest Communications Feb 12
Standard & Poors, Feb 2012
Abstract
NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services said today that local telephone provider Consolidated Communications Holdings Inc.'s ratings and outlook (B+/Stable/--) are not affected by the company's announced definitive agreement to acquire SureWest Communications for $341 million (50% of which will be funded with equity), plus assumed debt of about $197 million. The cash requirements for the transaction, including refinancing of the SureWest debt, is expected to be funded initially with a $350 million unsecured bridge loan. Our 'aggressive' financial risk profile (as defined in our criteria) remains unchanged. We consider the transaction credit neutral. While we expect Consolidated's adjusted leverage, pro forma for the transaction, to improve modestly to about 5.0x, based on performance...
Companies mentioned in this report are: Consolidated Communications Holdings Inc.
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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