S&P rates SS&C Technologies notes B+

S&P said it assigned its B+ issue-level rating and 6 recovery rating to SS&C Technologies Inc.'s proposed $750 million senior unsecured notes due 2027. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.

The BB issue-level rating and 3 recovery rating on the company's existing term loan B (TLB) tranche (expected balances at close: B1-$515 million, B3-$3.56 billion, B5-$1.86 billion) and SS&C European Holdings Sarl’s TLB-4 ($1.64 billion expected balance at close) remain unchanged.

The transaction is leverage neutral, with the proceeds of the unsecured notes used to repay $750 million of the TLB-3 due 2025, S&P said in a news release.

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