Moody’s assigns Onvoy CFR B2, facility B1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Onvoy, LLC.

The agency also assigned a B1 (LGD3) rating to the company's proposed $535 million senior secured first-lien credit facility, which consists of a $500 million seven-year term loan and a $35 million five-year revolver. The company will also issue a second-lien term loan, which Moody's will not rate.

Proceeds from the secured credit facilities will be used to fund the acquisition of Inteliquent, Inc. and to repay existing debt.

Moody’s said the B2 corporate family rating reflects Onvoy’s large network infrastructure, technical expertise and growth potential which is driven by its expanding network footprint.

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