Moody's cuts West notes to Caa1

Moody's Investors Service said it affirmed the Ba3 rating on West Corp.'s upsized senior secured credit facility and lowered the rating on the senior unsecured notes to Caa1 from B3.

Concurrently, the rating on a proposed $250 million add-on to the senior unsecured notes was withdrawn.

All of West's other ratings, including the B2 corporate family rating, were affirmed.

The outlook remains stable.

West upsized the proposed $720 million senior secured term loan tranche to $970 million and canceled a planned $250 million senior unsecured notes add-on.

Proceeds from the term loan will be used to repay a $448 million term loan maturing in 2013, fund a $500 million distribution to shareholders and pay fees and expenses, the agency said.

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