U.S. software vendor Hyland Software Inc. plans to raise $395 million to refinance existing debt and pay a $94.6 million dividend to existing shareholders, replacing a previously announced transaction whereby it was going to raise $575 million and pay a $268 million dividend. We are affirming our 'B' corporate credit rating and revising the outlook to positive from stable. We are assigning a 'B' issue-level rating with a recovery rating of '3' to the first-lien term loan facility and we are withdrawing the ratings on the $320 million first-lien term facility and the proposed $235 million second-lien term facility. The positive outlook reflects our view that the company's debt leverage will decrease over the next 12 months, toward prior levels.
