Moody’s rates SonicWALL, facilities

Moody's Investors Service said it assigned a B3 corporate family rating to SonicWALL Holdings Ltd., a B2 to its proposed senior secured first-lien debt facilities and a Caa2 to its proposed second-lien debt facilities.

The outlook is stable.

SonicWALL is being separated from Seahawk Holdings Ltd., an entity that owned the former software assets of Dell, Inc.

The proposed debt will be used along with a separate Seahawk financing package to refinance existing Seahawk debt and fund a distribution to shareholders. SonicWALL and Seahawk are owned by private equity group Francisco Partners and Elliott Management.

Moody’s said the B3 corporate family rating reflects the very high debt level as a result of the separation transaction. The ratings also reflect the company's solid market position in the unified threat management market catering to small- to mid-sized businesses.

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