Bulletin: CDK Global Inc. Ratings Are Unaffected By Upsize Of Proposed Senior Unsecured Notes Issuance

NEW YORK (S&P Global Ratings) May 10, 2017--S&P Global Ratings today said its ratings on Hoffman Estates, Ill.-based auto dealer IT solutions provider CDK Global Inc. (BB+/Stable/--), including the 'BB+' issue-level and '3' recovery ratings on its senior unsecured debt, remain unchanged following the upsize of the company's proposed senior unsecured notes to $600 million from $500 million. The company will use the incremental proceeds for general corporate purposes including share repurchase. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of payment default.

...NEW YORK (S&P Global Ratings) May 10, 2017--S&P Global Ratings today said its ratings on Hoffman Estates, Ill.-based auto dealer IT solutions provider CDK Global Inc. (##+/Stable/--), including the '##+' issue-level and '3' recovery ratings on its senior unsecured debt, remain unchanged following the upsize of the company's proposed senior unsecured notes to $600 million from $500 million. The company will use the incremental proceeds for general corporate purposes including share repurchase. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of payment default. Only a rating committee may determine a rating action and this report does not constitute a rating action....

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