...- Magenta Buyer LLC plans to issue up to $415 million incremental first-lien term loan, with $50 million of the proceeds going to cash and the rest for a dividend. - We lowered our issuer credit rating on Magenta Buyer LLC (borrowing entity for McAfee Enterprise's organizational structure) to 'B-' from 'B'. - We also lowered our issue-level rating on the first-lien credit facility to 'B-' from 'B' with a '3' recovery rating, and lowered our second-lien rating on its second second-lien term loan to '###' from '###+', with a '6' recovery rating. - The stable outlook reflects our expectation that Magenta Buyer's leverage will fall to low-6x by fiscal year end 2023, driven by significant progress made on synergies following its carveout out of McAfee and the FireEye acquisition. Although we expect weaker free cash flow over the next two years, our base-case assumes that the company will have sufficient liquidity to manage transition to ACV contracts....
