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Fitch gives Broadridge notes BBB+
Fitch Ratings said it assigned a BBB+ rating to Broadridge Financial Solutions, Inc.’s planned offering of $750 million of senior unsecured notes. Broadridge’s long-term issuer default rating is BBB+. The notes will be will rank equally with other unsecured senior debt.
Proceeds will be used to refinance a portion of the debt on the revolver ($873 million outstanding as of September 2019), while any remaining proceeds will likely be used for general corporate purposes. Fitch said it estimates the transaction could increase leverage modestly by 0.1x and gross debt will increase modestly to $1.9 billion from about $1.8 billion at September.
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