Moody’s gave a B2 rating to FoxCo Acquisition Sub’s proposed...
Moody’s gave a B2 rating to FoxCo Acquisition Sub’s proposed debt. The company, a Local TV LLC subsidiary that was formed in 2008 to acquire some Fox-owned TV stations, plans to issue a $715 million first lien term loan and…
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a $20 million first lien senior secured revolver, Moody’s said. “Beyond 2012, FoxCo will benefit from meaningful increases in retransmission revenues and related cash flow partially offsetting the absence of significant political revenues in 2013,” Moody’s said. “Lack of national scale, a station portfolio with mostly Fox affiliates and the potential for additional dividends constrain ratings,” it said.