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Moody’s rates Flexera facilities B1, Caa1
Moody's Investors Service said it affirmed Flexera Software LLC's B2 corporate family rating and its B2-PD probability of default rating, in connection with the proposed refinancing.
The agency also assigned a B1 rating to the company's new first-lien credit facilities and a Caa1 rating to the company's new second-lien credit facility.
The outlook is negative.
Proceeds will be used along with $16 million of cash from the balance sheet and $250 million in new equity from financial sponsor TA Associates to buy out Thoma Bravo's existing equity stake and a portion of the existing equity of Teachers Capital and certain other equity holders, repay all existing debt and pay related fees and expenses.
The change in outlook to negative from stable reflects the company's prolonged very high financial leverage, resulting from aggressive financial policies, the agency explained.
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