...October 11, 2021 - Balboa Intermediate Holdings LLC d/b/a TIBCO announced it has agreed to acquire U.K.-based Blue Prism Group, a provider of robotic process automation (RPA) solutions for about $1.5 billion; Bali Finco Inc., an affiliate of the company, is now proposing to issue a $1.415 billion nonfungible first-lien term loan to fund the purchase. - We think the Blue Prism offerings are complimentary to TIBCO but these benefits will take one to two years to realize. We expect TIBCO's S&P Global Ratings- adjusted leverage to be materially weaker than the 8x level commensurate with the current rating. - Therefore, we lowered our issuer credit rating on Balboa to 'B-' from 'B,' our issue-level rating on its first-lien term loan to 'B-' from 'B,' and our issue-level rating on its second-lien term loan to '###+' from 'B-.' Our recovery rating on the first-lien term loan remains '3' and the recovery rating on the second-lien term loan remains '5'. - At the same time, we are also assigning...
