Box Parent Company, Inc., issuing subsidiary of Houston-based mainframe and IT operations management software provider BMC Software Inc.'s parent, Banff Parent Inc., will issue $1.25 billion in debt to support its $1.5 billion acquisition of mainframe application development software maker Compuware Corp. We are affirming our 'B-' issuer credit rating on Banff and removing all ratings from CreditWatch, where we placed them with negative implications on March 18, 2020. At the same time, we are assigning a 'B-' issue-level rating and a '3' recovery rating to the company's new secured notes. We are also assigning a 'CCC+' issue-level and a '5' recovery rating to the company's new second-lien notes. Finally, we are raising our issue-level ratings on the company's unsecured
