U.S. software vendor Hyland Software Inc. plans to issue a $435 million senior secured first-lien term loan to pay a dividend of $95 million to its financial sponsors and to refinance existing debt. We are affirming our 'B' corporate credit rating and revising the outlook to stable from positive. We are assigning a 'B' issue-level rating with a recovery rating of '3' to the senior secured first-lien term loan facility. The stable outlook reflects our expectation that the company will continue to experience revenue growth while maintaining its current profitability levels, leading to good free operating cash flow generation; however, we expect the current ownership structure will preclude sustained debt-to-EBITDA ratio below 5x. NEW YORK (Standard&Poor's) Feb. 4,
