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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Barracuda Networks, Inc. New York, May 02, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Barracuda Networks, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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.