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Moody's rates Sidera loans B2
Moody's Investors Service said it assigned B2 ratings to the $25 million add-on term loan B and $6.25 million incremental revolving credit facility of Sidera Networks, Inc.
The additional term loan and incremental revolver are being issued as amendments to the existing secured credit facilities under the accordion feature of the original facility. The revolver, which now totals $50 million, is due August 2015 and the term loan is due August 2016.
The company has a B2 corporate family rating and B3 probability-of-default rating, and senior secured revolving credit facility and term loan rated B2 (LGD3, 34%).
The outlook remains stable.
Proceeds will be used to help acquire Long Island Fiber Exchange, Inc.
Sidera's B2 corporate family rating reflects the company's small scale, the highly competitive environment in which it operates and the inherent capital intensity of the business, the agency said.
The company's ratings are supported by growing demand for its high bandwidth services and the stability of its contracted recurring revenues, the agency noted.
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