U.S. enterprise content management (ECM) software company Hyland Software is tacking on $80 million to its existing first-lien term loan to partially fund a contemplated $113.8 million dividend to its existing shareholders. We are affirming our 'B+' corporate credit rating on Hyland. We are also lowering the issue-level rating on the term loan to 'B+' from 'BB-'. The stable outlook reflects the company's continued solid performance. On Feb. 17, 2012, Standard&Poor's Ratings Services affirmed its 'B+' corporate credit rating on Westlake, Ohio-based enterprise content management (ECM) software company Hyland Software Inc. We lowered the bank loan rating on the first-lien term loan to 'B+' from 'BB-' and revised the recovery rating to '3' from '2'. The '3' recovery
