Latisys Corp -- Moody's affirms Latisys at B3

New York, June 13, 2014 -- Moody's Investors Service has affirmed the B3 corporate family rating (CFR) and B3-PD probability of default rating for Latisys Corp ("Latisys" or the "company") following the company's announcement that it will re-price its credit facilities and upsize the existing 1st lien term loan by $20 million to fund future expansion projects. Moody's has assigned a B3 (LGD 3-48%) rating to the company's proposed $20 million term loan add-on, which will increase the size of the company's existing Term Loan B due 2019 to $199 million from $179 million. Proforma for the transaction, Moody's expects Latisys's leverage to increase by 0.5x to 5.6x (Moody's adjusted) at year end 2014 but the company's free cash flow is expected to improve modestly from the lower cash interest expense with the re-pricing. The outlook remains stable.

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