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Prospect News home > News index > List of issuers I > Headlines for Instructure Holdings, Inc. > News item |
Fitch assigns Instructure BB-
Fitch Ratings said it assigned a first-time long-term issuer default rating of BB- to Instructure Holdings, Inc. (INST). It also gave BB+/RR1 ratings for the first-lien term loan and secured revolver.
The company intends to enter into a new bank agreement with a $500 million first-lien term loan and $125 million secured revolver to refinance its debt.
“The rating reflects INST's low leverage, high retention rates, and expectations for strong FCF generation. Fitch expects leverage to be in the range of 4.2x to 4.8x by the end of FY21 and decline in the forecast years barring material debt funded acquisitions,” the agency said in a press release.
The outlook is stable.
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