...- Hyland Software Inc., a U.S.-based developer of content services platform (CSP), has a $2.5 billion first-lien term loan that matures in July 2024 and is in the midst of a large workforce restructuring, which we expect will cause interim volatility to its free cash flow and credit metrics in 2023. - Given volatility of capital markets as well as our expectation for several quarters of negative free cash flow, we expect increasing refinancing risks as the company tries to address its upcoming maturity wall. - We revised the outlook on Hyland to negative from stable, and affirmed all ratings on the company, including our 'B-' issuer credit rating. - The negative outlook reflects the upcoming maturity of the company's $2.4 billion first-lien term loan. While we expect that Hyland will continue to work with banks and lenders to address the maturity, the volatility of capital markets and macroeconomic uncertainty puts pressure on the timeline to execute a deal. The negative outlook also reflects...
