Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of MobileIron And Pulse Secure; Outlook Stable

Ivanti Software Inc. has announced it will issue debt to fund the acquisitions of MobileIron Inc. and Pulse Secure LLC, as well as retire its existing debt. Clearlake Capital Group and TA Associates will contribute equity to support the transactions. S&P Global Ratings is affirming its 'B-' issuer credit rating on Ivanti Software. At the same time, we are assigning our 'B-' issue-level and '3' recovery ratings to the company's proposed senior secured first-lien debt facilities, comprised of a $175 million revolving credit facility, $1.26 billion term loan, and $500 million of pari-passu first-lien secured debt, and assigning our 'CCC+' issue-level and '5' recovery ratings to the company's proposed senior secured second-lien debt, comprised of a privately placed $545 million

...- Ivanti Software Inc. has announced it will issue debt to fund the acquisitions of MobileIron Inc. and Pulse Secure LLC, as well as retire its existing debt. Clearlake Capital Group and TA Associates will contribute equity to support the transactions. - S&P Global Ratings is affirming its 'B-' issuer credit rating on Ivanti Software. - At the same time, we are assigning our 'B-' issue-level and '3' recovery ratings to the company's proposed senior secured first-lien debt facilities, comprised of a $175 million revolving credit facility, $1.26 billion term loan, and $500 million of pari-passu first-lien secured debt, and assigning our '###+' issue-level and '5' recovery ratings to the company's proposed senior secured second-lien debt, comprised of a privately placed $545 million second-lien term loan. - The stable outlook reflects our view that Ivanti will maintain its significant base of recurring revenue, extract synergies from the MobileIron and Pulse Secure acquisitions, and generate...

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