Moody’s rates Logix B3, facility B2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Logix Holding Co., LLC.

The agency also assigned a B2 (LGD3) rating to the company's proposed senior secured credit facility comprised of a $250 million seven-year term loan B and $20 million five-year revolver.

Proceeds will be used by funds associated with Astra Capital Management, LLC to acquire Alpheus Holdings, LLC. The acquisition is expected to close in the fourth quarter.

The outlook is stable.

The ratings reflect the agency’s view of the pro forma entity.

Moody’s said the B3 corporate family rating reflects Logix’s small scale, high leverage, competitive pressures from incumbent carriers such as AT&T and execution and integration risks associated with the acquisition of Alpheus.

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