Private-equity sponsor Hellman and Friedman LLC has acquired the U.S. higher education enterprise resource planning (ERP) software business unit of SunGard Data Systems Inc. for approximately $1.775 billion and combined it with Hellman's own education institution-focused ERP software business Datatel Inc. to form Sophia L.P. The combined entity has $1.7 billion in credit facilities, comprising a $125 million revolver facility, a $1.075 billion term loan, and a $530 million senior unsecured bridge facility. We are finalizing the previously assigned preliminary ratings and assigning a 'B' corporate credit rating to the combined company, as well as a 'B+' issue-level rating to its first-lien debt and a 'CCC+' issue-level rating to its unsecured notes. The stable rating outlook primarily reflects the combined
