U.S. Markets open in 8 hrs 18 mins

Wirepath LLC -- Moody's downgrades SnapAV to B3, outlook stable

Moody's Investors Service ("Moody's") downgraded Wirepath LLC's (dba "SnapAV") Corporate Family Rating to B3 from B2 following the company's announcement that it will increase the size of its senior secured first lien term loan by $390 million to $683 million. Concurrently, Moody's downgraded SnapAv's Probability of Default Rating to B3-PD from B2-PD and downgraded the company's senior secured first lien bank credit facilities to B3 from B2. Proceeds from the incremental debt issuance, balance sheet cash, and $247 million of additional equity from private equity sponsor Hellman & Friedman will be used to fund SnapAV's acquisition of Control4.