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Imperial Merger Sub, Inc. -- Moody's rates Imperva buyout B3

Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating ("CFR") to Imperial Merger Sub, Inc. ("Imperva"). Imperial is an entity set up by private equity firm Thoma Bravo to acquire publicly traded Imperva, Inc. Moody's also assigned a B2 ratings to the company's proposed first lien debt and a Caa2 to the company's proposed second lien debt. The B3 Corporate Family Rating reflects the company's very high leverage at close, offset to some degree by the company's leadership position across web application firewall (WAF), distributed denial of service (DDOS), and runtime application self-protection (RASP) markets and strong growth prospects.