Moody's rates Vericast notes Caa3

Moody's Investors Service said it rated Vericast Corp.'s planned second-lien secured notes due 2027 at Caa3. All of Vericast's other ratings and the negative outlook remain unchanged.

The notes will be issued in connection with the company's broader debt exchange, including an exchange of the first-lien secured notes due 2022 and 2024 into a mix of $733 million first-lien secured notes due 2026 and about $440 million of second-lien secured notes due 2027.

The Caa3 rating assigned to the proposed second-lien senior secured notes is contingent upon closing of the transaction as outlined and are based on an expectation for a post-exchange Caa1 corporate family rating, Moody’s said.

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