Flexera Software LLC Ratings Affirmed Following $45 Million First-Lien Add-On

SAN FRANCISCO (Standard&Poor's) Sept. 1, 2015--Standard&Poor's Ratings Services today announced that it affirmed its ratings on Flexera Software LLC (B/Stable/--) following the company's announcement that it would increase its first-lien term loan due 2020 by $45 million. The company will use net proceeds from the transaction to fund an acquisition. The ratings reflect our view of Flexera's modest business position in the highly competitive integrated information technology solutions, license, and compliance tracking space. The ratings also reflect our view of the company's trailing-12-month adjusted leverage in the mid-8x area, pro forma for the proposed $45 million first lien add-on, with preferred equity representing about 2x of the adjusted leverage. For the complete corporate credit rating rationale,

...SAN FRANCISCO (Standard & Poor's) Sept. 1, 2015--Standard & Poor's Ratings Services today announced that it affirmed its ratings on Flexera Software LLC (B/Stable/--) following the company's announcement that it would increase its first-lien term loan due 2020 by $45 million. The company will use net proceeds from the transaction to fund an acquisition. The ratings reflect our view of Flexera's modest business position in the highly competitive integrated information technology solutions, license, and compliance tracking space. The ratings also reflect our view of the company's trailing-12-month adjusted leverage in the mid-8x area, pro forma for the proposed $45 million first lien add-on, with preferred equity representing about 2x of the adjusted leverage. For the complete corporate credit rating rationale, see our report published May 1, 2015 on RatingsDirect. RELATED CRITERIA AND RESEARCH Related Criteria + Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers,...

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