Flexera Software LLC plans to issue a $130 million add-on to its existing first-lien term loan B to fund the acquisition of Mountain View, Calif.-based BDNA Corp. We are revising the outlook to negative from stable on Flexera Software, and affirming the 'B' corporate credit rating. At the same time, we are affirming our 'B' issue level rating on the company's senior secured revolving credit facility and its upsized senior secured first-lien term loan, and our 'B-' issue level rating on the company's existing senior secured second-lien term loan. The negative outlook reflects S&P Global Ratings-adjusted leverage in the high-9x area at close of the acquisition, and our expectation that financial metrics will stay pressured until the integration of BDNA
