US cable holding company Harron Communications is launching an offering of US$225m of senior unsecured notes due in 2020, according to Standard & Poor’s.
In a release, the ratings agency said that the proceeds would be used to support a management…
US cable holding company Harron Communications is launching an offering of US$225m of senior unsecured notes due in 2020, according to Standard & Poor’s.
In a release, the ratings agency said that the proceeds would be used to support a management buyout of some existing shareholders and to repay US$55m of debt.
The management buyout would involve a US$140m payment to the private equity firm Boston Ventures.
Harron could not comment before the press deadline.
S&P gave a ‘B-’ rating to the proposed notes. It also placed Harron’s corporate credit rating, which is currently ‘B’, on CreditWatch Positive.
Pennsylvania-based Harron provides cable TV, internet and digital phone services to consumers in nine US states through its operating subsidiary Metrocast.
