Moody’s gives Rovi facilities Ba3

Moody's Investors Service said it assigned Ba3 ratings to Rovi Solutions Corp.'s proposed first-lien senior secured credit facilities, consisting of a $200 million revolving credit facility due 2019, a $100 million term loan A due 2019 and a $700 million term loan B due 2021.

In addition, the agency affirmed Rovi Corp.'s Ba3 corporate family rating and SGL-2 speculative grade liquidity rating. The probability of default rating was lowered to B1-PD from Ba3-PD.

The outlook remains negative.

Proceeds from the proposed debt offering will be used to refinance existing debt, for general corporate purposes and to pay fees and expenses associated with the transaction, resulting in essentially a leverage neutral transaction, Moody’s said.

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