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Moody’s puts Tech Data’s ratings on review

November 14, 2019 - Moody's Investors Service put the Baa3 senior unsecured ratings of Tech Data Corp. (Nasdaq: TECD) under review for downgrade, after the announcement that the Clearwater-based IT distributor agreed to be acquired by Apollo Global Management for $5.4 billion. Funds associated with Apollo committed an aggregate $3.2 billion equity contribution and financial institutions have agreed to provide committed debt financing up to $5.0 billion. The rating review will focus on the financial leverage and ultimate capital structure resulting from the leveraged buy-out, Moody's said.  The review for downgrade is based on the expectation that the company will have higher financial leverage following the acquisition given the private equity ownership.

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