...August 6, 2025 NEW YORK (S&P Global Ratings) Aug. 6, 2025--S&P Global Ratings today assigned its `B' issue- level rating to Cloud Software Group Holdings Inc.'s (Cloud Software) proposed senior secured first-lien loans due 2032 and bonds due 2033 and repriced first-lien term loan due 2031, issued by subsidiary Cloud Software Group Inc. The first-lien recovery rating is `3' (recovery expectation: 50%-70%). The new loan and bond proceeds will refinance the existing first-lien term loan B due 2029. The transaction will be largely leverage neutral and may provide modest interest expense savings, but the extended debt maturities are a credit positive. All our ratings on Cloud Software, including our `B' issuer credit rating, are unchanged. Cloud Software has stronger credit metrics relative to comparable `B'-rated peers. Its debt to EBITDA was about 5.4x and free cash flow to debt was approximately 5.1% as of May 31, 2025. This provides some capacity at the current rating level to pursue its...
