On April 26, 2021, SUSE announced its plan to be listed on the Frankfurt stock exchange, targeting about $500 million-equivalent of new share issuance to partly repay about $1.3 billion of term loans. We expect financial sponsor EQT will remain the dominant shareholder after the IPO. We think the transaction will significantly reduce SUSE's adjusted leverage to about 5.0x in 2021 compared with our previous forecast of 7.5x in 2021, and 6.5x in 2020. Furthermore, we expect SUSE will pursue a more prudent financial policy in the long term, given its target of leverage below 3.5x compared with 5.6x in in January 2021, and post strong cash flow metrics, with free operating cash flow (FOCF) to debt sustainably higher than
