Flexera Software LLC plans to issue debt as part of a transaction involving a change in its equity ownership. TA Associates (which will invest cash equity) will be a minority equity stakeholder following transaction close, while Ontario Teachers' Pension Plan will remain the majority equity owner. We are lowering our rating on Flexera to 'B-' from 'B'. Concurrently, we are assigning our 'B-' issue level rating to the company's proposed $25 million revolving credit facility and $550 million first-lien term loan. We are also assigning our 'CCC+' issue-level rating to the company's proposed $125 million second-lien term loan. The stable outlook reflects our expectation that Flexera will complete the integration of BDNA in early 2018 and will generate free cash
