Fitch rates Misys BB-; facilities BB+, BB-,

Fitch Ratings said it assigned a BB- long-term issuer default rating to certain borrowers that are subsidiaries of Misys Ltd., including Almonde, Inc., Tahoe Bidco Canada, Inc., Misys Europe SA (borrowers), and Tahoe Subco 1, Ltd. (as parent guarantor and indirect parent of Misys).

The agency also assigned a BB+/RR1 rating to the borrowers' $4.2 billion first-lien senior secured term loan and $400 million first-lien senior secured revolving credit facility, and a BB-/RR4 rating to the $1.15 billion senior secured second-lien term loan, all of which are part of the transaction financing for the merger of Misys with DH Corp. in a transaction expected to close prior to the end of the third calendar quarter of 2017.

Fitch said the issuer default rating and issue ratings assigned reflect the credit profile of Misys following the merger with DH, and are not applicable to the existing debt of Misys or DH. The existing debt obligations of Misys and DH will be refinanced in their entirety when the transaction closes.

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