Hyland Software Inc., a U.S. developer of enterprise content management software (ECM), is raising a one-time $100 million tack-on to its existing $470 million first-lien term loan and increasing the existing revolver capacity to $40 million from $20 million. Proceeds from the $100 million first-lien tack-on and $50 million of cash from the balance sheet will be distributed to shareholders. We are affirming our 'B' corporate credit rating on the company and our 'B' issue-level rating on its first-lien term loan and revolver. The stable outlook reflects our expectation that the company will continue to experience revenue growth while maintaining its current profitability levels, leading to solid free operating cash flow (FOCF) generation. However, the current ownership structure will preclude
