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Barracuda Networks, Inc. -- Moody's upgrades Barracuda to B2

At closing of the refinancing, the first lien debt will represent all the funded debt in the capital structure and thus rated the same as the B2 Corporate Family Rating. Barracuda's B2 Corporate Family Rating is driven by its very high leverage offset by its strong niche position in the cyber security industry. Run rate pro forma free cash flow to debt is approaching 5% before deferred employee stock payments but breakeven without those adjustments.