...November 22, 2022 NEW YORK (S&P Global Ratings) Nov. 22, 2022--S&P Global Ratings today said that its ratings and outlook on Applied Systems Inc. (B-/Stable/--) are unchanged following the company's announcement of an amendment to its existing credit agreement. The amendment will extend the maturities of Applied's revolver and second-lien term loan by two years, as well as a portion of the company's first-lien term loan. Following the transaction, the company will have approximately $560 million in second-lien commitments set to mature in 2027, $1.5 billion in extended first-lien commitments set to mature in 2026, and $280 million in non-extended first-lien commitments still set to mature in 2024. Note that a share of the extended first-lien term loan was used to refinance the non-extended tranche of the second-lien term loan, leading to a decrease in second-lien debt but no change in the overall leverage of the transaction. The amendment also transitions the company's base rate from LIBOR...
