S&P rates Software Luxembourg loans B+, B-

S&P said it assigned a B- issuer credit rating on Software Luxembourg Holding SA (Skillsoft).

At the same time, the agency assigned a B+ issue-level rating and 1 recovery rating to the debt issuing subsidiary – Software Luxembourg Acquisition Sarl's $110 million first-out term loan facility due 2024 and B- issue-level rating and 3 recovery rating to its $410 million second-out term loan facility due 2025.

The outlook is stable.

Software Luxembourg Holding (doing business as Skillsoft for its e-learning software and SumTotal for its human capital management software) emerged from Chapter 11 bankruptcy as a new legal entity on Aug. 27.

“Though the company has substantially reduced its debt and interest burden, we expect that strong competitive headwinds will continue to pressure the company's revenues and margins over the next year,” S&P said in a news release.

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