NEW YORK (Standard&Poor's) May 1, 2015--Standard&Poor's Ratings Services today said it revised its recovery rating on Westlake, Ohio-based enterprise content management (ECM) software developer Hyland Software Inc.'s senior secured term loan to '4' from '3' following the company's proposal to upsize the $470 million senior secured term loan by $130 million from the original proposal of $100 million. The '4' recovery rating indicates our expectation for average (30%-50%; higher half of the range) recovery in the event of a default. The 'B' issue-level rating on the debt remains unchanged, in accordance with our notching criteria. We expect the company to use proceeds primarily to fund a dividend. Leverage pro forma for the upsizing increases to roughly
