S&P: GGC loan B+, notes B-

Standard & Poor's said that it assigned a preliminary B corporate credit rating to GGC Software Holdings LLC.

The outlook is stable.

S&P assigned a preliminary B+ issue-level rating and preliminary 2 recovery rating to the company's $1.04 billion first-lien credit facilities and a preliminary B- rating and preliminary 5 recovery rating to its $560 million of senior notes.

The preliminary ratings on GGC Software Holdings reflect the company's highly leveraged capital structure, with a pro forma debt-to-EBITDA ratio in the 7 times area, the agency said.

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