Cloud Software Group Inc.'s Euro-Denominated Senior Secured First-Lien Loan Due 2032 Rated 'B' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) Dec. 19, 2025--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to the euro-denominated senior secured first-lien loan due August 2032 issued by Cloud Software Group Holdings Inc.'s (Cloud Software) subsidiary Cloud Software Group Inc. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. We expect the company will use the proceeds from the new loan to refinance its existing euro-denominated first-lien term loan B due March 2029. Therefore, we view the transaction as leverage neutral and all our existing ratings on Cloud Software are unchanged. Cloud Software?s stronger credit metrics relative to its similarly rated peers provide it with

...December 19, 2025 NEW YORK (S&P Global Ratings) Dec. 19, 2025--S&P Global Ratings today assigned its 'B' issue- level rating and '3' recovery rating to the euro-denominated senior secured first-lien loan due August 2032 issued by Cloud Software Group Holdings Inc.'s (Cloud Software) subsidiary Cloud Software Group Inc. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. We expect the company will use the proceeds from the new loan to refinance its existing euro-denominated first-lien term loan B due March 2029. Therefore, we view the transaction as leverage neutral and all our existing ratings on Cloud Software are unchanged. Cloud Software's stronger credit metrics relative to its similarly rated peers provide it with a good cushion at the current rating level. The company's debt to EBITDA was about 5.6x for the 12 months ended Aug. 31, 2025, although we expect its acquisition-focused growth strategy and...

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