Fitch trims Veracode first-lien term loan, ups revolver

Fitch Ratings said it affirmed the long-term issuer default ratings of B for Mitnick Parent, LP and Mitnick Corporate Purchaser, Inc. (collectively dba Veracode, Inc.).

The outlook is stable.

Fitch said it upgraded Veracode's $75 million super-priority secured revolving credit facility to BB/RR1 from BB-/RR2.

Fitch also downgraded the upsized $815 million first-lien secured term loan to B+/RR3 from BB-/RR2.

Mitnick Corporate Purchaser, Inc. is the issuer of the credit facilities.

“The rating actions reflect the change in capital structure elevating the revolver to super senior and the elimination of second-lien debt,” Fitch said in a news release.

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