Moody's lowers Cvent revolver

Moody's Investors Service said it downgraded Cvent, Inc.'s senior secured first-lien revolving credit facility due 2021 to B3 (LGD 3) from B1 (LGD 2).

The ratings on the senior secured first-lien term loan due 2023 and second-lien term loan due 2024 were withdrawn.

There were no changes to the other credit ratings, including the B3 corporate family rating.

The outlook remains positive.

Cvent repaid in full its senior secured first-lien term loan due 2023 and second-lien term loan due 2024 with the net proceeds of its new senior secured first-lien term loan due 2024.

The ratings reflect the company's high debt-to-EBITDA ratio, which is expected to remain higher than 7x until 2018 and remaining integration risks associated with its 2016 merger with Lanyon Solutions, Inc., Moody's said.

The agency said it expects 8% to 10% annual revenue growth and EBITA margins, which should improve steadily to exceed 15% in 2018 provide ratings support.

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