Hyland Software Inc., a U.S. developer of enterprise content management software (ECM), and its financial sponsor, Thoma Bravo, have agreed to recapitalize the company and move the investment to a new Thoma Bravo investment fund. Pro forma for the transaction, the company's adjusted leverage will increase to 7.4x from 5.7x. We are revising the outlook to negative from stable and affirming the 'B' corporate credit rating. The negative outlook reflects the company's leverage above 7x at close of the transaction, which is high for the rating. On June 1, 2015, Standard&Poor's Ratings Services revised the outlook on Westlake, Ohio-based Hyland Software Inc. to negative from stable and affirmed the 'B' corporate credit rating. On May 29, 2015, we
