CommScope Holding Co. Inc., the direct parent holding company of global telecommunications infrastructure solutions provider CommScope Inc., received approximately $437 million in net proceeds from its IPO, $399 million of which it used to repay a portion of the principal outstanding under its $1.5 billion 8.25% senior notes due 2019. About 21% of total equity is now publically held, and pro forma leverage is about 4x. We are raising our corporate credit rating on CommScope Holding Co. Inc. to 'BB-'. Because our recovery valuation on the company is essentially unchanged from our March 2013 analysis, we are raising the ratings on the term loan and unsecured debt in lock step with the corporate credit rating. The stable outlook reflects our
