Moody's cuts Magic Newco loans to B1

Moody's Investors Service said it downgraded the term loan B issued by Magic Newco LLC (U.S. dollar tranche) and Magic Newco 5 Sarl (euro tranche) and the revolving credit facility raised by Magic Bidco Ltd. to B1 from Ba3.

The agency also affirmed the B2 corporate family rating and B2-PD probability of default rating of Misys Newco 2 Sarl and the Caa1 rating of the second-lien term loan issued by Magic Newco LLC.

All outlooks of Misys were changed to negative from stable.

Moody's said the changes follow the issuance of a $200 million add-on to the existing term loan B dollar-denominated tranche, the proceeds of which will be used to repay preferred equity certificates initially funded by a holding company loan issued in conjunction with the Turaz transaction in January 2012. The add-on will be immediately fungible with the existing term loan B.

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