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Moody’s rates Gigamon debt B2, Caa2
Moody's Investors Service said it assigned a B3 corporate family rating to Gigamon Inc.
The agency also assigned a B2 rating to its first-lien debt and Caa2 rating to its second-lien debt.
The debt will be used to finance the acquisition of Gigamon by affiliates of Evergreen Coast Capital.
The outlook is positive.
Moody’s said the B3 corporate family rating was driven by the very high leverage at closing and recent revenue declines. The rating also considers the very strong market position Gigamon has built in the network packet broker (NPB) market with a strong suite of network visibility products for large enterprises.
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