Moody's lowers Kofax view to negative

Moody's Investors Service said it affirmed Project Leopard Holdings Inc.'s (Kofax Ltd.) B2 corporate family rating and the B2 ratings on its upsized senior secured first-lien credit facility.

Kofax added an incremental $55 million to its first-lien term loan facility to finance the acquisition by Thoma Bravo, Moody's explained.

The outlook also was revised to negative from stable, reflecting the increase in leverage and the reduced equity in the capital structure, the agency said.

The company's B2 corporate family rating reflects Kofax's leading position in the multi-channel capture and financial process automation software markets, good liquidity and moderate leverage in comparison to other software industry leveraged buyouts, Moody's said.

The ratings also consider the challenges of setting up standalone operations and recent operating disruptions and revenue declines, the agency said.

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