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Fitch rates Citrix notes BBB
Fitch Ratings said it assigned BBB ratings to Citrix Systems, Inc.'s senior notes offering. The senior notes are pari passu with Citrix's existing senior unsecured debt.
The company plans to use the proceeds to repay certain amounts outstanding under the $1 billion of term loans Citrix incurred on Jan. 20, which the company used to fund the $1 billion accelerated share repurchase transactions that Citrix entered into on Jan. 30.
Fitch expects Citrix to use near-term FCF to repay any term loan balances not refinanced with proceeds from the senior notes. Pro forma for the senior notes offering and outstanding term loans Citrix does not refinance, Fitch said it rates $2 billion of total debt including the revolving credit facility.
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