U.S. security and business intelligence software provider Verint Systems Inc. is proposing to issue $300 million of convertible senior notes and $256 million of common equity, as well as upsizing its revolver. Proceeds are to be used to partially repay debt that was incurred to help fund acquisitions earlier this year. We are placing our 'BB-' corporate credit rating on Verint as well as the issue-level ratings on its debt on CreditWatch with positive implications. Upon the successful closing of the transactions, we expect to raise the corporate credit rating to 'BB' from 'BB-' with a stable outlook. We expect to raise the ratings on the term loan and revolver to 'BBB-' and revise the recovery rating to '1' and
