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Riptide Purchaser, Inc. -- Moody's assigns first time B3 CFR to acquirer of RPX Corp; outlook stable

Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating (CFR) and Caa1-PD Probability of Default Rating (PDR) to Riptide Purchaser, Inc. (dba "RPX Corporation" or "RPX") in connection with private equity firm HGGC LLC's ("HGGC") proposed acquisition of RPX Corporation. Riptide Purchaser, Inc. will be merged with and into RPX Corporation, with RPX Corporation surviving the merger as a wholly owned subsidiary of Riptide Parent, LLC. At the same time, Moody's assigned B3 ratings to the company's proposed $20 million revolving credit facility due 2023 and $240 million first lien term loan due 2024.