...January 24, 2025 NEW YORK (S&P Global Ratings) Jan. 24, 2025--S&P Global Ratings today assigned its 'B' issue- level rating and '3' recovery rating to Boxer Parent Co. Inc.'s proposed repriced first-lien term loans due 2031, which will comprise a $4.31 billion term loan B and a euro-denominated $1,642 million equivalent term loan B. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery. Boxer Parent Co. Inc. is a subsidiary of Banff Parent Inc., which is the legal parent company for the entities that constitute the rated business of BMC Software. Our existing ratings on Banff Parent and its second-lien term loan are unchanged. BMC provides a diversified portfolio of IT operations management software solutions to global customers. The company's core product offerings, which account for over 90% of its revenue, broadly fall into three categories: intelligent optimization and transformation, digital business automation, and digital service...
