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Prospect News home > News index > List of issuers I > Headlines for Instructure Holdings, Inc. > News item |
Moody's assigns Instructure B1
Moody's Investors Service said it assigned first-time ratings to Instructure Holdings, Inc., including a B1 corporate family rating, B1-PD probability of default rating and B1 rating on the senior secured first-lien credit facility. Moody's also assigned an SGL-1 speculative grade liquidity rating.
"The rapid adoption and increased technology funding for cloud-based online learning solutions by the K through 12 schools provides a large market opportunity for Instructure as it continues to disrupt legacy providers and distance itself from the competition," said Oleg Markin, a Moody’s assistant vice president and lead analyst for the company, in a press release.
"Though Instructure remains modestly sized and has a limited track record of profitability, the good revenue visibility owing to the recuring nature of its software license subscriptions, historically high customer renewal rates and strong liquidity further provide credit support," added Markin.
Proceeds from the new $500 million first-lien term loan will be used to refinance the company's indebtedness and pay related fees and expenses. The company's new $125 million revolving credit facility due 2026 is expected to be undrawn at close.
The outlook is stable.
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