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Moody’s rates Greeneden bond Caa2
Moody's Investors Service said it assigned a Caa2 rating to Greeneden U.S. Holdings II, LLC's (Genesys) proposed $700 million unsecured bond issue.
Proceeds will be used to partially fund Greeneden’s planned purchase of Interactive Intelligence Group Inc. in a largely debt financed transaction.
Moody’s said the pending Interactive Intelligence acquisition will improve Greeneden’s scale and product capabilities, but will nearly triple the debt in its capital structure.
Greeneden will have elevated pro forma leverage of over 10 times (based on reported EBITDA before synergies) immediately following the acquisition.
The B3 corporate family rating reflects the agency’s expectation that the combined entity will delever to approximately 7 times by the end of 2017, primarily through EBITDA growth, as the integration of Interactive Intelligence yields significant synergies in the form of headcount reductions and cost savings related to the relocation of staff to lower cost regions.
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