Moody’s cuts Greeneden, rates facility B2

Moody's Investors Service said it downgraded Greeneden U.S. Holdings II, LLC's (Genesys) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

The agency also confirmed the ratings of the company's existing first-lien credit facility at B2 based on the expectation that this debt will be repaid upon closing of the company's anticipated debt refinancing.

The rating action concludes the review initiated on Sept. 1 following the announcement of Greeneden’s plans to purchase Interactive Intelligence Group Inc. for roughly $1.4 billion in a largely debt financed transaction.

Moody's assigned a B2 rating to the company's proposed first-lien credit facility, comprised of a $150 million revolver, a $1.55 billion dollar denominated term loan and a $550 million euro-denominated term loan.

The agency expects Greeneden to issue an additional $700 million of unsecured debt to complete the funding of the transaction in the near-term. It will withdraw the ratings on the existing first-lien credit facility upon completion of the planned financing.

The outlook is stable.

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