Connect with us

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.

More Zaps Frontpage

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us: spark@stpetecatalyst.com

Subscribe for Free

Share with friend

Please enter email address you want to share this article with