SAN FRANCISCO (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today affirmed its 'B-' issue-level rating on University Park, Ill.-based Applied Systems Inc.'s first-lien debt (term loan and revolving credit facility). The '3' recovery rating remains unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. At the same time, we affirmed our 'CCC' issue-level rating on the company's second-lien debt. All of our other ratings on Applied are unchanged. The company has announced a definitive agreement to acquire EZLynx for $410 million. Applied plans to fund the purchase by increasing the current balance of its first-lien term loan by $420 million to $1.77 billion. It will also upsize its
