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S&P rates Applied Systems loans B-, CCC
S&P said it assigned its B- issue-level and 3 recovery ratings to Applied Systems Inc.'s planned $2.4 billion first-lien term loan and CCC issue-level and 6 recovery ratings to its planned $620 million second-lien term loan, maturing 2031 and 2032, respectively.
“Our B- issuer credit rating and stable outlook on Applied Systems are unchanged,” the agency said in a press release.
The company intends to use the loans to fully repay its $1.8 billion first-lien term loan and $565 million second-lien term loan. It also plans to buy back a minority equity stake for $565 million.
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