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Moody's rates DoubleClick
Moody's Investors Service said it assigned first-time ratings to DoubleClick Inc., including a B2 senior implied rating, a B2 rating to its $50 million first-lien revolving credit facility due 2010 and to its $290 million first-lien term loan B due 2012 and a Caa1 rating to its $115 million second-lien term loan due 2013.
The agency noted that DoubleClick is being acquired by a group of investors.
The outlook is stable.
Proceeds will be used, combined with $342 million of new sponsor equity and $511 million existing cash, for the $1.1 billion purchase and to repay $135 million in existing debt, Moody's said.
The agency said the ratings reflect moderately high EBITDA leverage of 5.4 times pro forma for the planned financing, the modest scale of the business and limited asset protection, while considering that DoubleClick is one of the largest online advertising infrastructure providers.
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