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Fitch puts Micro Focus on positive watch
Fitch Ratings said it placed Micro Focus International plc's, MA FinanceCo., LLC's and Seattle SpinCo, Inc.'s long-term issuer default ratings of BB- and senior secured debt ratings of their first-lien facilities of BB+/RR1 on rating watch positive.
“The RWP follows the announced acquisition of Micro Focus by Canada-based Open Text Corp. for an enterprise value (EV) of about £5.1 billion in cash. The transaction, which is subject to certain conditions and antitrust approvals, is expected to close in 1Q23 and will result in the repayment of all of Micro Focus's existing debt. The RWP will be resolved on completion of the transaction,” Fitch said in a press release.
The agency noted the deal is happening while the rating is being pressured and the company is part way through its turnaround strategy.
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