U.S. Markets open in 6 hrs 2 mins

Compuware Corporation -- Moody's rates Compuware B1, outlook stable

Moody's Investors Service ("Moody's") assigned a B1 Corporate Family Rating (CFR) and a B1-PD Probability of Default Rating to Compuware Corporation ("Compuware") following the company being setup as a standalone entity (after Compuware Holdings, LLC spun off the Dynatrace business) and concurrent financing. Moody's also assigned B1 ratings to the company's proposed $60 million senior secured first lien revolving credit facility and $475 million senior secured first lien term loan. Proceeds from the new issuance will be used to refinance existing debt at the Compuware Holdings, LLC entity as well as transaction fees and expenses.