U.S. software vendor Hyland Software Inc. plans to raise $575 million to refinance existing debt and pay a $268 million dividend to existing shareholders. We are lowering our corporate credit rating to 'B' from 'B+'. We are assigning a 'B' issue-level rating with a recovery rating of '3' to the new revolver and first-lien term loan facility and a 'CCC+' rating with a recovery rating of '6' to the new second-lien term loan. The stable outlook reflects Hyland's predictable operating performance and aggressive leverage that we believe is unlikely to materially drop over the near term. On Oct 11, 2012, Standard&Poor's Ratings Services lowered its corporate credit rating on Westlake, Ohio-based Hyland Software Inc. to 'B' from 'B+'.
