...November 28, 2023 NEW YORK (S&P Global Ratings) Nov. 28, 2023--S&P Global Ratings today said Cloudera Inc.'s (B-/Stable/--) proposed add-on of approximately $250 million of incremental first lien term loan debt will temporarily increase leverage. Our issuer credit rating and 'B-' issue-level and '3' recovery ratings on Cloudera's first-lien debt (term loan and revolving credit facility) are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for the first-lien debtholders in the event of a default. On Oct. 13, 2023, a jury concluded that Cloudera infringed on certain patents related to StreamScale erasure coding technology and awarded StreamScale $240 million in damages. While Cloudera intends to appeal the decision in the Federal Circuit Court of Appeals, an ongoing and lengthy process that could take several quarters to resolve, Cloudera is required to post a bond in the judgment amount pending the final conclusion of the...
