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Announcement:

Moody's says TWCC's (d/b/a The Weather Channel Companies) bank amendment to lower its interest rate is credit positive but will not impact its ratings

Global Credit Research - 08 Feb 2013

New York, February 08, 2013 -- Moody's Investors Service said that TWCC Holding Corp.'s ('TWCC') proposed amendment to reprice its senior secured credit facility will positively impact its cash flow and therefore credit, but it is not material enough to impact its Ba3 Corporate Family Rating (CFR) or its debt ratings. The rating outlook is stable.

We expect all other terms of the credit agreement will remain in place, including the tenor and maintenance covenants. The transaction will not immediately impact the level of debt outstanding, or its leverage which was around 5.0x for YE 2012 (pro-forma for acquisitions). We estimate the company to have interest savings in the range of $11-12 million annually, which will improve its already strong free cash flow ($145 million over LTM 9/30/12) and interest coverage ratios. Based on the 25% of excess cash flow sweep required under its credit agreement, we expect the higher cash flow to lead to greater levels of debt pay down over time. The company also has the ability to pay dividends if its pro-forma secured leverage is under 5.0x and its pro-forma total leverage is under 7.0x (each as calculated under its bank agreement), however, any dividend payment requires the vote of each majority owner, including NBCUniversal Media, LLC (Baa2 senior unsecured) as well as its private equity owners, Bain Capital and Blackstone.

Despite a challenging year for the most part of 2012 driven by unusual weather patterns, we expect the company to resume revenue growth across all its distribution platforms in 2013. We do not expect any material change in its debt levels in the near term and expect some natural de-leveraging to occur as a result of EBITDA growth.

For further information please see the issuer comment posted to www.moodys.com.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

TWCC Holding Corp. d/b/a The Weather Channel Companies ("TWCC"), headquartered in Atlanta, GA is a multi-platform media and information company focused on providing weather information to consumers and businesses via a variety of distribution platforms. Content is delivered to individuals most notably through its national U.S. cable network "The Weather Channel", the Internet and mobile and to businesses through its professional information services.

Neil Begley
Senior Vice President
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

John Diaz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's says TWCC's (d/b/a The Weather Channel Companies) bank amendment to lower its interest rate is credit positive but will not impact its ratings
No Related Data.
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