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Global Credit Research - 18 Jun 2010
Approximately $141 Million of Long-Term Debt Securities Affected
New York, June 18, 2010 -- Moody's Investors Service assigned a B2 corporate family rating and a
B2 probability-of-default rating to IG Merger Sub II,
LLC, a new entity formed by affiliates of Harvest Partners ("the
sponsor") and management, that will merge into Insight Global,
Inc. ("Insight Global" - the surviving entity) at transaction
closing. Moody's also assigned B1 ratings to IG Merger Sub II,
LLC's, proposed $20 million senior secured revolving credit
facility due 2015 and $121 million senior secured term loan due
2016. The ratings outlook is stable. This is a first time
rating for the company.
Proceeds from the proposed term loan and $35 million of mezzanine
debt (unrated) combined with an equity contribution from the sponsor and
management will be used to fund the acquisition of Insight Global and
to repay existing debt. The transaction is expected to close in
Insight Global's B2 corporate family rating reflects its modest
scale, moderately high pro forma leverage, and moderate interest
coverage. The rating also considers some customer concentration,
exposure to cyclical temporary staffing trends, and the likelihood
that working capital needs will constrain cash flow generation over the
medium-term. Notwithstanding these risks, the rating
is supported by the company's ability to grow sales despite challenging
macro economic conditions, its favorable margin profile, good
execution of new office locations, potential growth opportunities
with new and existing clients, and performance upside as employment
recovers from trough levels.
The following ratings were assigned:
Corporate family rating at B2;
Probability-of-default rating at B2;
$20 million senior secured revolving credit facility due 2015 at
B1 (LGD3, 39%);
$121 million senior secured term loan due 2016 at B1 (LGD3,
The stable outlook reflects Moody's expectation that Insight Global
will sustain double-digit revenue growth that translates into higher
earnings levels, such that credit metrics will improve from initial
pro forma levels. The rating also reflects the expectation that
the company will generate modest free cash flow that is applied to debt
reduction and that it will maintain an adequate liquidity profile.
The ratings are subject to the conclusion of the transactions, as
proposed, and Moody's review of final documentation.
Additional information can be found in the Insight Global Credit Opinion
published on Moodys.com.
The principal methodology used in rating Insight Global was Moody's Global
Business & Consumer Services Industry, published in August 2007
and available on www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Rating Methodologies sub-directory
on Moody's website.
Insight Global, headquartered in Atlanta, Georgia, is
a provider of professional, temporary information technology staffing
for Fortune 1000 and middle market corporate clients. The company
has 21 offices located nationwide, of which 15 were opened from
2005 to 2009. These offices are largely located in major cities
across the U.S.
Corporate Finance Group
Moody's Investors Service
Lenny J. Ajzenman
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Moody's Assigns Ratings to Insight Global's Proposed LBO Financing
No Related Data.
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