...- In support of a proposed dividend recapitalization, Ellucian Holdings Inc. plans to issue $1.1 billion of new debt, which will comprise $500 million of new secured bonds and a new $585 million second-lien term loan. - The company will use proceeds to partially pay down about $260 million of the company's first-lien term loan and fully pay down the company's existing $340 million second-lien debt. As part of the transaction the company will also be paying a $475 million distribution to shareholders. - Therefore, S&P Global Ratings affirmed its 'B-' issuer credit rating on Ellucian and its 'B-' issue-level rating on the company's existing first-lien debt. At the same time, we assigned our 'B-' issue-level rating with a '3' recovery rating' and '###' issue-level rating with a '6' recovery rating to the company's new secured bonds and second-lien term loan, respectively. - The stable outlook reflects Ellucian's leading position in the higher-education enterprise resource planning (ERP) software...
