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Moody’s rates Match notes Ba3
Moody's Investors Service assigned a Ba3 rating to the proposed $300 million senior unsecured notes due 2029 to be issued by Match Group, Inc.
Proceeds from the new notes will be used to repay borrowings under the existing revolving credit facility, pay expenses associated with the offering and for general corporate purposes.
IAC/InterActiveCorp.'s Ba2 corporate family rating and stable outlook are unchanged.
The agency said that though the incremental debt at Match increases IAC's pro forma financial leverage to 3.3x total debt to EBITDA (Moody's adjusted) from 2.9x (Moody's adjusted as of Sept. 30), the transaction is credit neutral since leverage will remain below the 4x downgrade trigger.
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