New York, October 01, 2015 -- Moody's Investor Services said NAVEX Acquisition, LLC (B3; stable outlook) plans to raise $25 million of additional debt to pay a shareholder distribution to its owner Vista Equity Partners. The debt increase comprises an "add-on" to its existing second lien senior secured term loan under materially similar terms. The increased debt is credit negative as it raises NAVEX's LTM June 30, 2015 pro forma debt to EBITDA (Moody's adjusted) by about a half a turn, to approximately 8.0x. Currently leverage is very high for the B3 Corporate Family Rating category.

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