S&P affirms Reynolds & Reynolds loan

Standard & Poor's said it affirmed its loan and recovery ratings on Reynolds & Reynolds Co.'s first-lien bank facilities, which consist of a six-year, $75 million revolving credit facility and a six-year, $1.640 billion term loan, which was increased from $1.485 billion.

The facilities are rated BB- with a recovery rating of 1, S&P said.

The second-lien facility, which consists of a seven-year, $520 million term loan, was notched down to B- from B and the recovery rating was revised to 5 from 3.

Proceeds from the facilities will be used to fund the acquisition of Reynolds & Reynolds by privately held and unrated Universal Computer Systems for about $2.8 billion, including the assumption of the company's debt, the agency added.

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