S&P gives Symplr Software B-

S&P said it assigned a B- rating to Symplr Software Intermediate Holdings Inc. Concurrently, the agency gave a B rating and 2 recovery rating to the company’s planned $100 million secured first-lien revolving credit facility, a $680 million first-lien term loan. Sympir also plans to secure an unrated $250 million second-lien term loan.

“We project the company to deliver above-industry-average adjusted EBITDA margins of about 40%. The company's revenues are also relatively predictable, given the sticky customer base with gross retention of 98%, indicating the value of Symplr's services to its core hospital client base and the ongoing move to a subscription-based model,” S&P said in a press release.

Loan proceeds will be used to acquire TractManager to expand its health care governance, risk and compliance software platform and retire debt.

The outlook is stable. The outlook reflects an expectation Sympir will generate positive free cash flow in 2021, S&P said.

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