S&P: Flexera unchanged on upsizing

Standard & Poor’s said it affirmed the ratings on Flexera Software LLC following news that the company is increasing its first-lien term loan due 2020 by $45 million.

The proceeds will be used from the transaction to fund an acquisition.

The ratings reflect a view of Flexera’s modest business position in the highly competitive integrated information technology solutions, license and compliance tracking space, S&P said.

The ratings also consider the company’s trailing-12-month adjusted leverage in the mid-8x range, pro forma for the proposed add-on with preferred equity representing about 2x of the adjusted leverage, the agency said.

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