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Moody's cuts Epicor, rates notes Caa2
Moody's Investors Service said it downgraded Epicor Software Corp.'s corporate family and probability of default ratings to B3 from B2 and rated its proposed holding company discount notes Caa2.
The new notes, with expected proceeds of $340 million, are being used to fund a $325 million dividend to shareholders.
The existing first lien debt ratings remain Ba3 and the existing operating company's unsecured notes due 2019 ratings remain Caa1.
The ratings outlook is stable.
Moody's said the downgrade was driven by the very high leverage as a result of the increase in debt.
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