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S&P: Vertafore on watch
S&P said it placed Vertafore Inc.’s B corporate credit rating on CreditWatch with negative implications.
As part of the acquisition, the agency said it expects the company will repay its $620 million first-lien term loan due 2019 and $260 million second-lien term loan due 2017.
The CreditWatch placement follows news that Vertafore will be acquired by Bain Capital and Vista Equity Partners from private equity firm TPG Capital, S&P said.
The transaction could result in Vertafore’s leverage increasing from current debt-to-EBITDA of 4.9x, the agency said.
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