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Moody's Investors Service, ("Moody's") affirmed BOXER PARENT COMPANY INC. (BMC) B3 Corporate Family Rating ("CFR") and B3-PD Probability of Default Rating ("PDR") following plans to acquire Compuware Corp ("Compuware"). In addition, Moody's assigned a B2 rating to BMC's proposed 1st lien notes and affirmed the B2 rating on the upsized 1st lien senior secured debt facilities.
Moody's Investors Service ("Moody's") assigned Baa3 ratings on Broadcom Inc.'s new Senior Unsecured Notes ("New Notes") and two tranches of Senior Unsecured Notes maturing 2026 and 2028, respectively, ("Exchange Notes"). Broadcom will exchange the Exchange Notes for up to $5.95 billion of existing senior unsecured notes maturing from 2021 through 2024. Moody's expects the offering of New Notes and Exchange Notes will be leverage neutral, since Broadcom plans to use the proceeds of the New Notes to repay other debt and will exchange the Exchange Notes for an equal amount of existing debt.
Moody's Investors Service ("Moody's") rated Broadcom Inc.'s new Senior Unsecured Notes ("Senior Notes") at Baa3. The new Senior Notes will be issued at Broadcom Inc., rendering them structurally subordinated to the existing CA, Inc. ("CA") Senior Notes ($1.1 billion outstanding as of February 2, 2020), which are unrated. Moody's expects the offering will be leverage neutral, since Broadcom plans to use the proceeds of the new Senior Notes to repay other debt scheduled to mature over the next two years.
Moody's Investors Service ("Moody's") confirmed the ratings of Broadcom Inc. ("Broadcom") and Broadcom Technologies Inc. ("Broadcom Technologies"), including the Baa3 senior unsecured rating and Broadcom's Prime-3 short term rating. The outlook is stable.
Moody's Investors Service ("Moody's") upgraded Dynatrace Intermediate, LLC's ("Dynatrace") Corporate Family Rating to B1 from B2 and Probability of Default Rating to B1-PD from B2-PD. Concurrently, Moody's assigned an SGL-1 Speculative Grade Liquidity Rating to Dynatrace, affirmed the company's senior secured first lien bank credit facilities at B1, and withdrew the Caa1 rating on its senior secured second lien term loan.
Moody's Investors Service ("Moody's") placed Broadcom Cayman Finance Ltd.'s ("Broadcom Cayman") senior unsecured ratings and Broadcom Inc.'s ("Broadcom") P-3 short term rating and Baa3 senior unsecured ratings, on review for downgrade following Broadcom's (the publicly-traded parent company of Broadcom Cayman) announcement that it has agreed to acquire Symantec Corporation's ("Symantec") Enterprise Security segment ("Enterprise") in a debt-free cash-free asset acquisition for about $10.7 billion in cash. Broadcom plans to fund the acquisition with new debt.