...- BMC Software affiliate Boxer Parent Co. Inc. will issue a $500 million equivalent first-lien term loan incremental to its existing facility and a new $665 million second-lien term loan, the proceeds of which it will use in combination with balance sheet cash to redeem its 9.75% $1.475 billion unsecured notes. - We assigned a '###+' issue-level rating and a '5' recovery rating to the new second-lien term loan, the same as our ratings on the company's existing second-lien notes. - We also affirmed our 'B-' issuer credit rating on Banff Parent Inc. The outlook is stable. At the same time, we affirmed, our 'B-' issue-level rating on its first-lien debt and our '###+' ratings on its existing second-lien and unsecured debt. - The stable outlook reflects our view that BMC's high recurring revenue and strong customer retention provide it with a solid revenue base that, combined with synergies from its merger with Compuware and the paring of one-time costs, will improve its credit metrics. Specifically,...
