We are assigning our 'BB-' issue-level rating and '2' recovery rating to U.S. enterprise content management software provider Hyland Software's proposed $225 million senior secured credit facility. At the same time, we are affirming the company's 'B+' corporate credit rating. The company intends to use the proposed debt, in part, to refinance its existing debt and to pay a dividend to its private-equity sponsors and other shareholders. The refinancing transaction adds approximately $109 million of incremental debt to the company's capital structure and, incorporating the EBITDA contribution of recent acquisitions, brings pro forma Standard&Poor's adjusted debt to EBITDA to the low-4x area from the mid-2x area, which is still consistent with the corporate credit rating. The stable outlook
