GTT Communications, Inc. -- Moody's places GTT's ratings under review for downgrade following acquisition of Hibernia

New York, November 09, 2016 -- Moody's Investors Service, ("Moody's") has placed GTT Communications, Inc. (GTT or the company) ratings under review for downgrade, including the company's B2 corporate family rating (CFR), B3-PD probability of default rating (PDR), and B2 senior secured rating. The review was prompted by GTT's agreement to purchase Hibernia Networks for $590 million. In order to finance the transaction as well as repay existing debt, GTT will raise approximately $1 billion in new debt. GTT will also contribute $75 million of equity towards the purchase.

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