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Moody’s gives Baa3 to Keysight notes
Moody's Investors Service said it rated Keysight Technologies, Inc.'s new senior notes at Baa3.
The outlook is stable.
Keysight is using the proceeds, along with about $384 million of net proceeds from the equity offering that closed on March 22 and borrowings under existing credit facilities, to fund the $1.7 billion acquisition of IXIA.
Moody’s said the acquisition of IXIA will increase leverage to the mid-4 times range of debt to EBITDA (Moody's adjusted, proforma combined LTM December 2016, excluding synergies) at closing, which is high for the Baa3 rating.
Moreover, the acquisition entails significant integration execution risk, the agency added.
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