[Editor's note: The Debt Restructuring Snapshot is a new publishing format that highlights key aspects of U.S. LMTs (liability management transactions), specifically focusing on transactions where existing lender recoveries were impaired and not all lenders experienced the same impact. We provide a summary of the transaction, changes to the capital structure, the mechanics of the transaction, and the impact on recoveries and liquidity.] Obligor Profile Restructuring date August-September 2024 Current rating/Outlook CCC+/Negative/-- Location/Primary industry/GICS U.S./Technology – Software and services/Systems software Post-exchange total reported debt (estimated net change) $3.9 billion ($0.4 billion) Forecasts 2024 Liquidity ratio (x)/Assessment: 1.2/Adequate Debt to EBITDA (S&P Global Ratings adjusted; x) 8.4 EBITDA interest coverage (S&P Global Ratings adjusted; x) 0 GICS--Global Industry Classification Standard. Source:
