Moody’s affirms Optiv on refinancing

Moody's Investors Service said it affirmed Optiv, Inc.'s B3 corporate family rating, B3-PD probability of default and assigned a B3 rating to the proposed first-lien term loan and a Caa2 to the proposed second-lien term loan and affirmed the ratings on the existing loan facilities.

The proposed loans will be used to refinance the existing debt.

Optiv will also refinance and upsize the unrated asset-based lending facility.

The ABL along with cash on hand will be used to fund a pending acquisition, fees and expenses related to the combined transactions, and general corporate purposes.

The outlook remains stable.

“The affirmation of Optiv's ratings reflects the extension of maturities of the debt, particularly the first-lien debt which matures in February 2024,” the agency said in a news release.

“The new 2026 maturity is somewhat limited in duration, but nonetheless credit positive.”

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