Moody’s rates Rocket Software notes Caa2

Moody’s Investors Service said it rated Rocket Software Inc.’s planned $500 million of senior unsecured notes Caa2. Rocket also plans to upsize its revolver to $150 million from $125 million.

Proceeds are expected to be used to finance Rocket's acquisition of Uniface BV, repay the company's $260 million second-lien term loan and add about $2 million to the balance sheet.

Concurrently, Moody’s affirmed Rocket’s B3 corporate family rating, B3-PD probability of default rating and the B2 ratings on the company's senior secured first-lien bank credit facility.

The outlook is stable.

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