Fitch rates Gigamon facilities BB-, CCC+

Fitch Ratings said it assigned a B long-term issuer default rating to Gigamon, Inc.

The outlook is stable.

The agency also assigned BB-/RR2 ratings to the $50 million first-lien secured revolving credit facility and $400 million first-lien secured term loan; and a CCC+/RR6 rating to the $150 million second-lien secured term loan.

Proceeds, along with equity contribution from Elliott Management, a multi-strategy private investment firm, and cash on the balance sheet will be used to fund the $1.6 billion acquisition that was announced on Oct. 26. Elliott's investment is being led by its private equity affiliate, Evergreen Coast Capital

The actions affect $600 million total debt, including the $50 million revolver.

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