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Moody's rates EIG Investors, loan B1
Moody's Investors Service said it assigned to EIG Investors Corp. a B1 corporate family rating, a B2 probability of default rating and a B1 rating to its proposed $400 million of first-lien credit facilities comprised of a $50 million revolving credit facility and a $350 million term loan.
The outlook is stable.
The proceeds will be used to finance the acquisition of the Endurance International Group by Warburg Pincus and Goldman Sachs Capital Partners, which is expected to close by the end of December 2011, Moody's said.
Moody's said it will withdraw all of Endurance's existing ratings upon closing of the transaction.
The EIG's ratings reflect its moderately high leverage and the highly competitive nature of the domain and web-hosting services industry, the agency said.
The ratings are supported by EIG's leading market position and highly diversified customer base, Moody's said.
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