Canada-based Mitel Networks Corp. plans to refinance its existing credit facilities with a US$355 million term loan and US$50 million revolver as part of its recently announced acquisition of Aastra Technologies Ltd. We are assigning our 'B+' issue-level rating and '2' recovery rating to the term loan. Subsidiary Mitel US Holdings Inc. is the borrower of the proposed term loan. Our 'B' long-term corporate credit rating on Mitel is unchanged. The positive outlook reflects the potential for an upgrade if Mitel maintains or improves its pro forma credit measures following a successful integration of Aastra. Specifically, we expect the company to maintain pro forma adjusted debt-to-EBITDA below 3.5x for an upgrade. On Jan. 7, 2014, Standard&Poor's Ratings Services
