Moody’s rates Aptos loan B3

Moody's Investors Service said it affirmed Aptos, Inc.'s B3 corporate family rating and revised the outlook to positive from stable.

The agency also assigned a B3 rating to the company's proposed first-lien term loan.

The proposed debt will be used to refinance existing debt and fund an acquisition.

Moody’s said the positive outlook reflects Aptos's successful transition to a stand-alone company after being spun out of Epicor Software Corp. in June 2015 and the potential that leverage will trend below 5 times and free cash flow to debt will trend to greater than 8% post-closing the acquisition. The company is acquisitive however and additional large debt financed acquisitions could delay deleveraging and an upgrade, the agency added.

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