...+ Global trading communication systems and network services provider IPC Corp. announced that it has issued approximately $125 million of first-lien multi-currency notes due August 2021 (L+700 bps) in a private placement. + The $125 million of debt was accompanied by $25 million of equity, which it used to make the $117 million acquisition of Etrali Trading Solutions, pay transaction costs, and return cash to the balance sheet. + We are assigning our 'B' issue-level rating and '3' recovery rating to the $125 million of first-lien notes. + We are affirming our 'B' corporate credit rating and stable outlook on IPC Corp. + In addition, we are also affirming our 'B' and 'B-' issue-level rating on the company's existing first-lien credit facility and second-lien term loan, respectively. + The stable outlook reflects our expectation of low-single-digit percent revenue growth and modest deleveraging over the next 12 months as IPC continues to benefit from the recurring revenue associated with...
