Newly Merged Epicor Software Corp. Assigned Preliminary 'B' Corporate Credit Rating; Outlook Negative May 11
Standard & Poors, May 2011
Abstract
We are assigning a preliminary 'B' corporate credit rating to U.S. midmarket ERP solution provider Epicor Software Corp. The company is being acquired by Apax Partners and will be combined with Activant Solutions Inc., which Apax has announced it is also purchasing. Additionally, we are assigning a preliminary 'B+' issue-level rating and a preliminary '2' recovery rating of to the company's proposed $945 million senior secured credit facilities, consisting of a $75 million revolver due 2016 and a $870 million term loan B due 2017. We are also assigning a preliminary 'CCC+' issue-level rating and a preliminary '6' recovery rating to the company's proposed $465 million senior unsecured notes due 2019. The negative outlook reflects leverage that is initially high...
Companies mentioned in this report are:
- Epicor Software Corp.
- Activant Solutions Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Epicor Software Corp.
- Activant Solutions Inc.
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