...- Flexera Software LLC plans to issue add-on first-lien and second-lien debt to fund an approximately $250 million dividend to its equity owners (Ontario Teachers' Pension Plan Board, TA Associates and company management). - We are affirming our 'B-' issuer credit rating on Flexera Software. - We are also affirming our 'B-' issue-level rating to the company's existing $25 million revolving credit facility and approximately $890 million of first-lien term loan debt (pro-forma for the $220 million first-lien add-on). - We are also affirming our '###+' issue-level rating on the company's $165 million of second-lien term loan debt (pro-forma for the $40 million second-lien add-on). - The stable outlook reflects our expectation that Flexera will continue to deliver consistent operating performance over the next 12 months, with modest revenue and EBITDA growth, due to continued adoption of its ITAM, SLO, and data analysis products, and will generate free cash flow of around $40 million over the...
