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Fitch assigns Constant Contact B
Fitch Ratings said it gave a first-time long-term issuer default rating of B to Constant Contact, Inc.
Fitch also assigned a BB-/RR2 to Constant Contact's $125 million secured revolving credit facility, $670 million first-lien secured term loan and $180 million first-lien delayed-draw term loan. Fitch also assigned a CCC+/RR6 to the second-lien secured term loan.
The proceeds and sponsor equity from Clearlake Capital Group, LP and Siris Capital Group, LLC will be used to acquire Constant Contact from Endurance International Group Holdings, Inc.
“Constant Contact, Inc.'s long-term IDR of B is supported by its stable recurring sales and strong cash-generative qualities,” the agency said in a press release.
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