Moody's gives Baa3 to VeriSign notes

Moody's Investors Service said it assigned a Baa3 rating to VeriSign, Inc.'s planned senior unsecured notes offering due 2031. All other company's ratings remain unchanged.

Proceeds will be used to redeem all $750 million of 4.625% senior unsecured notes due 2023 and for general corporate purposes depending on the final issuance amount.

“The transaction will marginally improve Verisign's liquidity profile by replacing debt maturing over the intermediate term with longer tenor debt. The new unsecured notes are expected to have an investment-grade covenant package, including increased flexibility around restricted payments,” Moody’s said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.