...+ The Ultimate Software Group Inc., a human capital management solutions provider based in Weston, Fla., has entered into a definitive agreement to be acquired by a consortium of private equity investors. + The $11 billion purchase price, funded by sponsor-provided equity and $3.2 billion of debt, results in S&P Global Ratings leverage of 14x as of its most recent 10-K filing (Dec. 31, 2018) + We assigned our 'B-' issuer credit rating to Ultimate. + We also assigned our 'B' issue-level rating and '2' recovery rating to the proposed $2.3 billion first-lien term loan and $275 million revolving credit facility. The privately placed $900 million will be unrated. + The stable outlook on Ultimate reflects our view of its consistent operating profitability and highly recurring revenue resulting from its SaaS business model, and our expectation that the company will continue to grow its revenue base while showing modest improvement in gross margins over the next 12-24 months....
