Fitch ups Gigamon first-lien loans

Fitch Ratings said it raised Gigamon Inc.’s $50 million first-lien secured revolver and $550 million first-lien secured term loan to BB-/RR2 from B+/RR3.

“Gigamon's ratings are supported by rising secular tailwinds that support demand for the company's network visibility solutions. In addition, improved profitability due to the company's 2019 restructuring plan to increase investments in go-to-market and product development in order to expand market reach, also support the rating. Fitch estimates gross leverage for 2022 declining to 5.8x on higher EBITDA,” the agency said in a press release.

Fitch also affirmed Gigamon’s B issuer rating.

The outlook is stable.

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