NEW YORK (Standard&Poor's) Feb. 12, 2014--Standard&Poor's Ratings Services today said its 'B' issue-level rating and '3' recovery rating on Hyland Software's proposed senior secured first-lien term loan remain unchanged following the company's announcement that it plans to increase the loan by an additional $40 million. The '3' recovery rating indicates our expectations of meaningful (50%-70%) recovery in the event of a payment default. The 'B' corporate credit rating and stable outlook on the company also remain unchanged. The total size of the facility is now $475 million with the proceeds to be used to refinance existing debt and pay a $135 million dividend to its shareholders. With this increase, leverage will rise to a pro forma
