Moody’s rates Xperi, loan Ba3

Moody’s Investors Service said it assigned first-time ratings to the debt of Xperi Holding Corp., including a Ba3 corporate family rating, a Ba3 rating to the new senior secured first-lien term loan and an SGL-1 speculative grade liquidity rating.

“The Ba3 CFR reflects Xperi’s revenue scale, with over $1 billion of revenues (fiscal year 2019 pro forma) diversified across a broad portfolio of products and intellectual property, which should limit the company’s overall revenue volatility over time,” Moody’s said in a press release.

“Xperi is a new legal entity created to own Xperi Corp. and TiVo Corp. following the merger of Legacy Xperi and TiVo.

The proceeds will be used to refinance the debt of Legacy Xperi and TiVo following the closing of the merger. Once Legacy Xperi’s debt is repaid, Moody’s said it will withdraw all of the Legacy Xperi ratings.

The outlook is stable.

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