...February 1, 2024 TORONTO (S&P Global Ratings) Feb. 1, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to University Park, Ill.-based Applied Systems Inc.'s proposed $2.4 billion first-lien term loan and '###' issue-level rating and '6' recovery rating to its proposed $620 million second-lien term loan, maturing 2031 and 2032, respectively. Our 'B-' issuer credit rating and stable outlook on Applied Systems are unchanged. The company intends to use the proceeds from the term loan issuance to fully repay its existing $1.8 billion first-lien term loan and $565 million second-lien term loan. It also plans to repurchase a minority equity stake for $565 million. The company benefits from its mission-critical platform and resilient end-market base, as evidenced by annual revenue growth of more than 10% in each of the last seven years. We expect the company will continue its recent performance by growing revenue in the 10%-12% range in fiscals 2023 and...
