U.S. security and business intelligence software provider Verint Systems Inc. has issued $400 million of convertible senior notes and $265 million of common equity, as well as upsized its revolver. Proceeds partially repaid debt that the company incurred to fund acquisitions earlier this year. We are removing all ratings from CreditWatch, where we placed them with positive implications on June 11, 2014. We are raising the corporate credit rating on Verint to 'BB' from 'BB-', raising the rating on Verint's term loan and revolver to 'BBB-', and revising the recovery rating to '1' from '3'. We are assigning a 'B+' rating with a recovery rating of '6' to the senior convertible notes. The outlook is stable, reflecting our expectation that
