IPC Corp. -- Moody's: IPC's ratings (B3 CFR) are not affected by shift in term loans

New York, January 30, 2015 -- Moody's Investors Service (Moody's) said that there is no impact on IPC Corp.'s ("IPC") B3 Corporate Family Rating ("CFR"), B1 and Caa2 ratings on the company's proposed first lien and second lien credit facilities, following the company's announcement of approximately $40 million shift in its proposed capital structure from 2nd lien to 1st lien term loan. After the shift in term loans, the amounts of first lien and second lien term loans are $595 million and $305 million, respectively. Although ratings are not impacted by the revised transaction, the revolver is anticipated to be partially drawn to fund the original issuance discount of the loans, which moderately weakens the company's liquidity profile.

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