Moody's affirms Pacnet

Moody's Investors Service said it affirmed the B1 senior secured bond rating for the $300 million, 9¼%, five-year notes issued by Pacnet Ltd.

The outlook is stable.

The bond rating has been removed from its provisional status following the completion of the bond issue and $50 million secured debt facility, Moody's said.

The proceeds will be deployed toward refinancing Pacnet's existing debt and capital expenditure, as well as fund a $100 million dividend to shareholders, the agency said.

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