UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')' - S&P Global Ratings’ Credit Research

UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')'

UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')' - S&P Global Ratings’ Credit Research
UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')'
Published Jan 29, 2024
3 pages (1400 words) — Published Jan 29, 2024
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Abstract:

NEW YORK (S&P Global Ratings) Jan. 29, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to human capital management (HCM) solutions provider UKG Inc.'s proposed $2.5 billion senior secured notes maturing in February 2031. The plan is to use the senior secured notes to help repay its existing term loan maturing in May 2026. Our 'B-' issuer credit rating and stable outlook on UKG are unchanged. For the complete issuer credit rating rationale, see our most recent research update on UKG Inc., published Jan. 22, 2024, on RatingsDirect. ISSUE RATINGS – RECOVERY RATINGS Key analytical factors: We assigned our 'B-' issue-level rating and '3' recovery rating on UKG's new $2.5 billion senior secured notes. The

  
Brief Excerpt:

...January 29, 2024 NEW YORK (S&P Global Ratings) Jan. 29, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to human capital management (HCM) solutions provider UKG Inc.'s proposed $2.5 billion senior secured notes maturing in February 2031. The plan is to use the senior secured notes to help repay its existing term loan maturing in May 2026. Our 'B-' issuer credit rating and stable outlook on UKG are unchanged. For the complete issuer credit rating rationale, see our most recent research update on UKG Inc., published Jan. 22, 2024, on RatingsDirect. ISSUE RATINGS ¡ RECOVERY RATINGS Key analytical factors: - We assigned our 'B-' issue-level rating and '3' recovery rating on UKG's new $2.5 billion senior secured notes. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. - The 'B-' rating on the current first-lien term loan ('3' recovery rating) and '###' rating on the...

  
Report Type:

Ratings Action

Ticker
ULTI
Issuer
UKG Inc.
GICS
Application Software (45103010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')'" Jan 29, 2024. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-2-5-Billion-Senior-Secured-Notes-Rated-B-Recovery-Rating-3-3118238>
  
APA:
S&P Global Ratings’ Credit Research. (). UKG Inc. $2.5 Billion Senior Secured Notes Rated 'B-' (Recovery Rating: '3')' Jan 29, 2024. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/UKG-Inc-2-5-Billion-Senior-Secured-Notes-Rated-B-Recovery-Rating-3-3118238>
  
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