SolarWinds Inc., a provider of information technology infrastructure management software, has been jointly acquired by Thoma Bravo and Silver Lake Partners. We are assigning our 'B' corporate credit rating to Project Aurora Holdings Inc., the holding company for SolarWinds. We are also assigning our 'B' issue-level rating and '3' recovery rating to the company's proposed first-lien credit facility. We are assigning our 'CCC+' issue-level rating and '6' recovery rating to the second-lien notes. The negative outlook reflects our view of SolarWinds' high leverage--near 9x after close of transaction, excluding synergies--and the potential for leverage to stay at this level should the company fail to execute on planned revenue growth, cost synergies, or debt reductions. SAN FRANCISCO (Standard&Poor's) Jan.
