...October 3, 2024 - Cloud-based business automation software provider for spend management and procurement Javelin Buyer Inc. (Jaggaer) plans to issue $1.0 billion in term loans as well as a $150 million revolver (undrawn at close) to partially fund Vista Equity Partner's purchase of the company from Cinven. - While the transaction increases Jaggaer's leverage, with pro forma leverage expected to be close to 10x at close, we expect the company to maintain adequate liquidity and generate sufficient free operating cash flow (FOCF). - We assigned our 'B-' long-term issuer credit rating to Jaggaer. The rating is the same as our historical rating on the company. We will discontinue all ratings on S2P Acquisition Borrower Inc. following the proposed acquisition and repayment of the existing debt. - At the same time, we assigned a 'B-' issue-level rating and '3' recovery rating to the proposed first-lien facilities. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded...
