...February 22, 2021 NEW YORK (S&P Global Ratings) Feb. 22, 2021--S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to Project Ruby Parent Corp.'s (dba Wellsky) proposed $110 million first-lien revolving credit facility due 2026 and $1.125 billion first-lien term loan due 2028. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. The company is also proposing to issue a new $405 million second-lien term loan due 2029. This debt will be unrated. The debt will be issued by Project Ruby's subsidiary, Project Ruby Ultimate Parent. Our 'B-' issuer credit rating on the company remains unchanged. The stable outlook reflects our expectation that Wellsky's customer renewal rates will remain strong while its organic revenue increases by the high-single-digit percent area. We also expect the company's EBITDA margin to improve to the mid-30% range in 2022, which will enable it to...
