Symplr Software Intermediate Holdings Inc. has completed a debt restructuring, extending the maturities of its first-lien term loans, existing second-lien term loans, and revolver, and issuing a new second-lien, first-out term loan. S&P Global Ratings views the transaction as distressed and tantamount to a default because the company’s lenders receive less value than originally promised. Therefore, we lowered our issuer credit rating on Symplr to ‘SD’ (selective default) from ‘CC’. We intend to review our ratings on Symplr, considering the new capital structure and our forward-looking opinion on its creditworthiness. The restructuring transaction in our view is distressed and tantamount to a default. Symplr extended the maturities of its revolver to December 2030 from September 2027 and its first-lien term
