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 was 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
