Moody's rates Imperva loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating to Imperial Merger Sub, Inc. (Imperva).

Imperial is an entity set up by private equity firm Thoma Bravo to acquire publicly traded Imperva, Inc., the agency said.

Moody's also said it assigned B2 ratings to the company's proposed first-lien debt and Caa2 to the company's proposed second-lien debt.

The outlook is stable.

The ratings reflect the company's very high leverage at close, which is offset to some degree by the company's leadership position across several markets with strong growth prospects, Moody's said.

The agency said it calculated the company's cash EBITDA-based leverage, excluding certain one-time historic costs, is about 9x at closing.

The stable outlook is based on an expectation that growth will continue and metrics will improve materially over the next 18- to 24-months, Moody's said.

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