Research Update: SS&C Technologies Holdings, Inc. Ratings And Outlook Affirmed On Pending Acquisition Of Intralinks Holdings Inc.

SS&C Technologies Holdings Inc., a global provider of financial services software and software-enabled solutions for administration and servicing, has agreed to acquire Intralinks Holdings Inc., a provider of secure content collaboration software., for $1.5 billion in cash and stock. The acquisition will be funded with $500 million of SS&C equity and $1 billion of incremental TLB-5. We are affirming our 'BB' issuer credit rating on SS&C Technologies Holdings Inc. We are affirming our 'BB' issue-level rating and '3' recovery rating on SS&C Technologies Inc.'s upsized senior secured debt. The negative outlook reflects our view of the company's continued high leverage, which will remain in excess of 5x on a trailing twelve months "actual" basis, following the close of its recently

...+ SS&C Technologies Holdings Inc., a global provider of financial services software and software-enabled solutions for administration and servicing, has agreed to acquire Intralinks Holdings Inc., a provider of secure content collaboration software., for $1.5 billion in cash and stock. + The acquisition will be funded with $500 million of SS&C equity and $1 billion of incremental TLB-5. + We are affirming our '##' issuer credit rating on SS&C Technologies Holdings Inc. + We are affirming our '##' issue-level rating and '3' recovery rating on SS&C Technologies Inc.'s upsized senior secured debt. + The negative outlook reflects our view of the company's continued high leverage, which will remain in excess of 5x on a trailing twelve months "actual" basis, following the close of its recently announced acquisitions (Eze Software, Intralinks). The outlook also reflects the risks associated with integrating Eze and Intralinks at the same time as it integrates DST Systems, which could cause its...

Research Update