BRIEF-Moody's downgrades Epicor to B3 as a result of dividend transaction, new notes rated Caa2
Nov 9 (Reuters) - Moody's Investors Service downgraded Epicor Software Corporation's corporate family and probability of default ratings to B3 from B2 and rated its proposed holding company discount notes Caa2. The new notes with expected proceeds of $340 million are being used to fund a $325 million dividend to shareholders. The existing first lien debt ratings remain Ba3 and the existing operating company unsecured notes due 2019 ratings remain Caa1. The ratings outlook is stable.
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