S&P affirms Misys, off watch

S&P Global Ratings said it affirmed its B long-term corporate credit rating on Misys Newco 2 Sarl and financing entities: Turaz Global Sarl, Magic Newco 5 Sarl, Magic Newco LLC and Magic Bidco Ltd.

S&P removed the ratings from CreditWatch, where they were placed with positive implications on Sept. 19. The outlook is stable.

At the same time, S&P affirmed the B+ issue rating on Misys' existing senior secured term loans and revolving credit facility. The recovery rating on these facilities is 2, indicating an expectation of substantial (70%-90%) recovery prospects in the event of a payment default.

S&P also withdrew the BB issue rating assigned to the group's previously agreed senior secured term loans.

S&P said the rating action follows Misys' Oct. 27 announcement of its decision not to proceed for now with a potential initial public offering because of unfavorable market conditions. The IPO had previously been planned for fourth-quarter 2016.

Misys has also cancelled the agreed loan facilities that would have refinanced the existing term loans subject to the planned IPO.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.