Moody’s rates Kofax loans B2

Moody’s Investors Service said it gave B2 ratings to Project Leopard Holdings Inc.’s (Kofax) planned senior secured first-lien term loans.

Kofax intends to issue an incremental $360 million to its senior secured first-lien term loan and use $87 million of cash from the balance sheet to fund a $439 million distribution and pay associated transaction fees. Kofax also proposes an additional $35 million dividend to be paid from excess cash generated before June 30 through an amendment to the facility.

Although the $80 million revolver still matures in July 2022, the company plans to extend the maturity of its senior secured first-lien term loan to 2024, the agency said.

Moody’s also affirmed Kofax’s B2 corporate family and senior secured bank credit facilities ratings.

The outlook is negative.

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