...+ Silver Lake Partners LLC is selling Jersey City, N.J.-based trading systems and network services provider IPC Corp. (IPC) to affiliates of Centerbridge Partners L.P. for approximately $1.2 billion, representing a 7.4x purchase multiple. Pro forma lease adjusted leverage will be roughly 5.9x. + We are assigning our 'B' corporate credit rating to IPC, our 'B' issue-level rating and '3' recovery rating to the company's proposed $580 million first-lien credit facility, and our 'B-' issue-level and '5' recovery ratings to its proposed $345 million second-lien term loan. + We are also raising our corporate credit rating on IPC's operating subsidiary, IPC Systems Inc., to 'B' from 'B-' and withdrawing the rating. + The stable rating outlook reflects our expectation that IPC's operating performance will continue to modestly improve due to its broad-based hardware installation refresh and expanded service offerings, which should support leverage reduction to the mid- to high-5x area in fiscal...
