Moody’s gave a B2 rating to a $255 million term...
Moody’s gave a B2 rating to a $255 million term loan proposed by Ion Media Networks’ largest shareholder, Media Holdco. Media Holdco owns 87 percent of Ion. Media Holdco plans to use the cash to fund a buyout of its…
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own equity holders, leaving Black Diamond Capital Management as the sole equity owner of the holding company, Moody’s said. Black Diamond is the controlling shareholder of Media Holdco. The holding company should have sufficient liquidity to pay its debt service for the next several years based on Ion’s expected free cash flow prospects, Moody’s said.