McAfee Corp. — Moody’s says no change in McAfee ratings on term loan size increase
Announcement: Moody’s advises there is no change in McAfee’s ratings with respect to the increase in term loan size through the change in capital structure, including a net increase in total secured debt of $300 million. The total amount of debt in the capital structure and the total closing leverage are unchanged. The Corporate Family’s B3 (“CFR”) rating, the B2 rating on the proposed first lien facilities and the Caa2 rating on the proposed unsecured notes were not affected. The secured notes are no longer issued and will be replaced by an equal amount of additional notes under senior debt term loan facilities. The unsecured notes are reduced by $300 million and will also be replaced with an equal increase in senior term loan facilities. Debt to EBITDA at closing is unchanged and estimated at approximately 10x pro forma for new debt based on September 2021 results (excluding stranded costs, public enterprise costs and certain one-time expenses) and approximately 9x based on cash EBITDA. growth unless they pursue debt-financed acquisitions. twelve months ended September 25, 2021 was approximately $1.8 billion ($3.2 billion including divested business). The company is acquired by private investors Permira, Advent and Crosspoint. This publication does not announce a credit rating action. For all credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date credit rating action information and rating history. Matthew B. 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