Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable

Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable
Published Oct 11, 2021
9 pages (3670 words) — Published Oct 11, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Balboa Intermediate Holdings LLC d/b/a TIBCO announced it has agreed to acquire U.K.-based Blue Prism Group, a provider of robotic process automation (RPA) solutions for about $1.5 billion; Bali Finco Inc., an affiliate of the company, is now proposing to issue a $1.415 billion nonfungible first-lien term loan to fund the purchase. We think the Blue Prism offerings are complimentary to TIBCO but these benefits will take one to two years to realize. We expect TIBCO's S&P Global Ratings- adjusted leverage to be materially weaker than the 8x level commensurate with the current rating. Therefore, we lowered our issuer credit rating on Balboa to 'B-' from 'B,' our issue-level rating on its first-lien term loan to 'B-' from 'B,' and

  
Brief Excerpt:

...- Balboa Intermediate Holdings LLC d/b/a TIBCO announced it has agreed to acquire U.K.-based Blue Prism Group, a provider of robotic process automation (RPA) solutions for about $1.5 billion; Bali Finco Inc., an affiliate of the company, is now proposing to issue a $1.415 billion nonfungible first-lien term loan to fund the purchase. - We think the Blue Prism offerings are complimentary to TIBCO but these benefits will take one to two years to realize. We expect TIBCO's S&P Global Ratings- adjusted leverage to be materially weaker than the 8x level commensurate with the current rating. - Therefore, we lowered our issuer credit rating on Balboa to 'B-' from 'B,' our issue-level rating on its first-lien term loan to 'B-' from 'B,' and our issue-level rating on its second-lien term loan to '###+' from 'B-.' Our recovery rating on the first-lien term loan remains '3' and the recovery rating on the second-lien term loan remains '5'. - At the same time, we are also assigning Bali Finco Inc's...

  
Report Type:

Research Update

Issuer
Balboa Intermediate Holdings LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable" Oct 11, 2021. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Balboa-Intermediate-Holdings-LLC-d-b-a-TIBCO-Downgraded-To-B-From-B-On-Acquisition-And-Debt-Plans-Outlook-Stable-2735464>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Balboa Intermediate Holdings LLC d/b/a/ TIBCO Downgraded To 'B-' From 'B' On Acquisition And Debt Plans; Outlook Stable Oct 11, 2021. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Balboa-Intermediate-Holdings-LLC-d-b-a-TIBCO-Downgraded-To-B-From-B-On-Acquisition-And-Debt-Plans-Outlook-Stable-2735464>
  
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