Fitch rates Infloblox B-

Fitch Ratings said it assigned a B- long-term issuer default rating to Delta Holdco, LLC and Delta Topco, Inc. (borrower, collectively referred to as Infoblox). The agency withdrew the long-term IDR on Infoblox Inc. The withdrawal of ratings is due to the entity Delta Topco, Inc. being listed as the borrower on the credit facilities, hence Infoblox Inc.'s IDR rating is no longer considered relevant to the agency's coverage. The outlook is stable.

Fitch said it also affirmed Delta Topco's first-lien secured debt which includes the incremental term loan at B/RR3 and second-lien secured debt at CCC/RR6. The incremental term loan will be used to fund a shareholder distribution and pay associated fees and expenses.

The company will also be extending the maturity of its first-lien term loan, second-lien term loan and repricing its second-lien term loan.

“The ratings and outlook reflect the company's strong operating performance. For fiscal 2024, solid double-digit revenue growth is expected, along with an expansion of EBITDA margins to approximately mid-30s, outperforming Fitch's prior expectations,” the agency said in a statement.

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