...December 12, 2024 NEW YORK (S&P Global Ratings) Dec. 12, 2024--S&P Global Ratings today assigned its 'B-' issue- level rating and '3' recovery rating to Perforce Software Inc.'s proposed $1.082 billion first-lien term loan B due 2029. The '3' recovery rating indicates our expectation for meaningful (50%- 70%; rounded estimate: 60%) recovery in the event of a payment default. The company will use the proposed term loan to consolidate and replace its two existing first- lien term loans due July 2026, which feature similar terms and amortization schedule. As part of the transaction, the company also intends to extend the maturity of its $75 million revolver credit facility to 2029. We view the proposed transaction as leverage neutral. Our 'B-' issuer credit rating and stable outlook on the company remain unchanged. Following the Delphix acquisition, Perforce effectively executed its planned synergies. It has achieved approximately 95% of its plan, with the remaining portion primarily consisting...
