Moody's rates Mitel loans B1, Caa1

Moody's Investors Service said it affirmed Mitel Networks Corp.'s B3 corporate family rating, B3-PD probability of default rating and SGL-4 (weak) speculative grade liquidity rating.

Moody's also assigned a B1 rating to the proposed revolving credit facility of Mitel and its subsidiary, Mitel US Holdings Inc., and a B1 and Caa1 rating respectively to the proposed first- and second-lien term loans of US Holdings.

Mitel's ratings outlook remains negative and US Holdings was assigned a negative outlook.

Net proceeds from the term loans and cash on Mitel's balance sheet will be used to refinance $304 million of existing term loans. The B1 and Caa1 ratings on existing term loans were affirmed and will be withdrawn when the refinance transaction closes.

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