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S&P rates Infoblox loan B-
S&P said it affirmed its B- issuer credit rating on Delta Topco Inc. (d/b/a Infoblox), the B- issue-level rating on the company’s $200 million revolving credit facility and the CCC issue-level rating on the company’s $455 million second-lien term loan maturing in 2030.
Simultaneously, the agency assigned a B- issue-level rating on the company's proposed $1.69 billion first-lien term loan maturing in 2029.
The outlook is stable.
Infoblox is planning to issue first-lien and second-lien term loans and use the proceeds to refinance its existing debt and for a shareholder distribution.
“Despite the incremental debt issuance, we expect Infoblox's S&P Global Ratings-adjusted leverage to be under 7x and free cash flow to debt to be about 5% in fiscal 2025 (year ending June 2025),” S&P said in a news release.
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