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Fitch puts McAfee on watch
Fitch Ratings said it placed McAfee, LLC’s ratings, including the BB+/RR1 first-lien secured revolver and term loans, on rating watch negative following the company's announcement it agreed to be acquired by a consortium of private equity investors.
On Nov. 5, McAfee reported it agreed to all-cash deal valued at about $12 billion on an equity value basis, and more than $14 billion on an enterprise value basis after giving effect to repayment of McAfee's debt. The transaction is expected to close in the first half of 2022. Fitch said it estimates leverage will climb to pro forma 8.5x from 3.7x
“Fitch views the transaction negatively given the leveraging nature of the transaction. The transaction could result in a multi-notch downgrade,” the agency said in a press release.
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