Moody’s rates Misys second-lien loans Caa2

Moody's Investors Service said it assigned provisional Caa2 ratings to Misys Newco 2 Sarl's proposed new $1.15 billion equivalent senior secured second-lien term loans, which will be co-borrowed by Almonde, Inc. and Misys Europe SA.

The action follows the launch of syndication for a financing package comprising $5.35 billion equivalent of senior secured term loans and $400 million equivalent of revolving credit facilities, primarily to refinance existing first- and second-lien debt and to fund the acquisition of D+H Corp. (unrated) for a total purchase consideration of C$4.8 billion.

All existing ratings and outlooks are unchanged.

Moody’s said the assignment was driven by the large amount of senior secured first-lien credit facilities, worth $4.6 billion, ranking ahead of the proposed $1.15 billion senior secured second-lien term debt.

There will be no scheduled debt amortization or financial maintenance covenants attached to the second-lien term debt.

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