...- Lincolnshire, Ill.-based human capital management solutions provider Alight Solutions LLC's merger with Foley Trasimene Acquisition Corp., a special-purpose acquisition company (SPAC), is expected to close in the second quarter of 2021 and remains subject to shareholder and certain regulatory approvals. - We expect Alight to repay nearly $1.9 billion of outstanding debt as part of the proposed transaction, including $634 million of senior secured debt and all $1.23 billion of its senior unsecured notes, which will improve its forecast pro forma 2021 leverage (S&P Global Ratings-adjusted) to about 5x from over 9x previously. - In this scenario, we could raise our issuer credit rating on the company to 'B+' from 'B', and our senior secured credit-facility issue-level rating to '##-' from 'B', and revise our senior secured credit facility recovery rating to '2' from '3'. Alternatively, if the company struggles to execute on its proposed merger, our ratings could remain unchanged. - All our...
