Moody’s drops Veracode loans

Moody's Investors Service said it downgraded Mitnick Corporate Purchaser, Inc.'s (Veracode) proposed senior secured term loan to B3 from B2.

At the same time, Moody's upgraded the proposed super-priority revolver to Ba3 from B2.

All other ratings are unchanged, including the B3 corporate family rating and B3-PD probability of default rating.

The outlook remains stable.

“The downgrade of the senior secured term loan reflects the change in the capital structure with the senior secured term loan increased to $815 million from $580 million, representing the majority of the capital structure as the initially proposed second lien term loan (unrated) is being eliminated,” the agency said in a news release.

“The upgrade of the $75 million super-priority revolver reflects its relatively modest size and most senior position in the capital structure, ahead of the term loan.”

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