Omnitracs Inc., a provider of connectivity hardware and software to the transportation and logistics industry, has been spun off by Qualcomm and acquired by Vista Equity Partners for $800 million. In addition, the company has agreed to acquire RoadNet Holdings Corp., a provider of route management software to private fleet operators, for $205 million. The acquisition will be financed with incremental equity, along with $155 million and $50 million of incremental first- and second-lien debt, respectively. We are assigning a 'B' corporate credit rating to the company. In addition, we are assigning a 'B+' issue-level rating and '2' recovery rating to the first-lien term loan and a 'CCC+' issue-level rating and '6' recovery rating to the second-lien term loan. The
