SAN FRANCISCO (S&P Global Ratings) Dec. 9, 2019--S&P Global Ratings said today that its ratings and outlook on University Park, Ill.-based property and casualty broker management systems provider Applied Systems Inc. (B-/Stable/--) are unaffected by the announcement of its definitive agreement to acquire Indio Technologies, a provider of solutions that streamline the commercial insurance application and renewal processes. Applied will finance the $210 million purchase price with a $150 million add-on to its $1.2 billion first-lien term loan and a $60 million add-on to its $555 million second-lien term loan. Our 'B-' issue-level rating and '3' recovery rating on the company's first-lien debt and 'CCC' issue-level rating and '6' recovery rating on the second-lien debt are unchanged. Applied Systems' performance
