...June 16, 2020 SAN FRANCISCO (S&P Global Ratings) June 16, 2020--S&P Global Ratings today assigned its 'B' issue-level and '2' recovery ratings on Weston, Fla.-based human capital management (HCM) solutions provider The Ultimate Software Group Inc.'s proposed $2.6 billion first-lien term loan add-on, and affirmed the ratings on the proposed $425 million revolving credit facility (upsized from $275 million). The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. We also assigned our '###' issue-level and '6' recovery to its proposed $700 million second-lien term loan. The '6' recovery rating indicates our expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of default. The existing $900 million privately placed second-lien term loan remains unrated. All of our other ratings on Ultimate are unchanged. The outlook is stable. The proceeds will be used, along with cash on hand, to repay in full...
