PONE reduced leverage to the mid-5.0x area from 6.3x as of the June 2009 quarter and extended the maturity of 70% of its existing senior secured term debt to 2014 from 2012. In addition, the company redeemed $115 million in outstanding senior secured notes via $75 million in incremental term loan debt and approximately $50 million in cash on hand. We are assigning a 'BB' issue-level rating and recovery rating of '1' to the company's $75 million incremental term loan debt. We raised the corporate credit rating to 'B+' from 'B' due to the reduced leverage, demonstrated operating resiliency during the downturn, and recurring revenue base. At the same time, we raised the rating on the existing first-lien tranche of
