S&P rates Workday notes BBB

S&P said it rated Workday Inc.’s senior unsecured notes due 2027, 2029 and 2032 BBB.

The notes’ rating is the same level as S&P’s issuer credit rating on Workday.

Workday will use the proceeds for general corporate purposes, including to repay debt and fund future acquisitions, if needed. “Specifically, we expect Workday to repay the outstanding balances under both its existing senior unsecured term loan facility and 0.25% convertible senior notes due 2022 and anticipate it will hold any remaining proceeds on its balance sheet. We expect the company to remain in a net cash position based on this assumption,” the agency said in a press release.

The outlook is stable.

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