Moody's rates Anaren B3, debt B2 & Caa2

Moody's Investors Service said it assigned the following ratings to the debt of Anaren, Inc.: B3 corporate family rating, B3-PD probability of default rating, a B2 to its $165 million senior secured first-lien debt and a Caa2 to its $70 million senior secured second-lien.

The outlook is stable.

Proceeds from the financing will be used to fund Veritas Capital's acquisition of Anaren for $28.00 per share in cash.

Moody's said the B3 corporate family rating reflects Anaren's high leverage, which will exceed 7x EBITDA (latest 12 months December, Moody's adjusted) proforma for the new debt. This leverage is very high given Anaren's small scale relative to similarly rated issuers.

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