...October 23, 2020 - Balboa Intermediate Holdings LLC (doing business as TIBCO) is planning to issue a add-on to its first-lien term loan due 2026 totaling $310 million, which it will use the proceeds from--along with cash from its balance sheet--to fund the acquisition of Information Builders Inc. - The company's operating performance and credit metrics over the first nine months of fiscal year 2020 have been trending significantly weaker than we previously anticipated. However, based on the sequential improvement in its third-quarter operating performance (including the expansion of its EBITDA margin and the increase in its subscription revenue) and our expectation that the acquisition will enhance its profitability over time, we believe TIBCO will be able to restore its credit metrics to appropriate levels by the end of fiscal year 2021. - Therefore, we are revising our outlook on TIBCO to negative from stable and affirming our 'B' issuer credit rating. - At the same time, we are lowering...
