Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable

Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable
Published Feb 09, 2021
5 pages (1944 words) — Published Feb 09, 2021
Price US$ 225.00  |  Buy this Report Now

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Abstract:

Ivanti Software Inc. has announced it will issue a $440 million nonfungible add-on first-lien term loan to fund its acquisition of Cherwell Software Inc. Clearlake Capital Group and TA Associates will contribute $25 million of cash equity to support the transaction. We are affirming our 'B-' issuer credit rating on Ivanti. We are also affirming our 'B-' issue-level and '3' recovery ratings on the company's existing first-lien debt. We are also assigning our 'B-' issue-level rating on the add-on first lien term loan. We are lowering our rating on the company's existing second-lien debt to 'CCC' from 'CCC+'. The recovery rating is '6'. The stable outlook reflects our view that Ivanti will maintain its significant base of recurring revenue; extract

  
Brief Excerpt:

...Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable...

  
Report Type:

Research Update

Ticker
1489673D
Issuer
Ivanti Software, Inc.
GICS
Systems Software (45103020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable" Feb 09, 2021. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ivanti-Software-Inc-B-Rating-Affirmed-On-Proposed-Acquisition-Of-Cherwell-Software-Inc-Outlook-Stable-2592620>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Ivanti Software Inc. 'B-' Rating Affirmed On Proposed Acquisition Of Cherwell Software Inc.; Outlook Stable Feb 09, 2021. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ivanti-Software-Inc-B-Rating-Affirmed-On-Proposed-Acquisition-Of-Cherwell-Software-Inc-Outlook-Stable-2592620>
  
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