S&P affirms Flexera Software

S&P said it affirmed its B- issuer credit rating on Flexera Software LLC. S&P also affirmed its B- issue-level rating on the company’s existing $25 million revolving credit facility and approximately $890 million of first-lien term loan debt (pro-forma for the $220 million first-lien add-on).

S&P also affirmed its CCC+ issue-level rating on the company's $165 million of second-lien term loan debt (pro-forma for the $40 million second-lien add-on).

The outlook is stable.

“The rating on Flexera reflects our view of its financial risk, with pro forma adjusted leverage in the low-8x area upon the close of the proposed incremental debt issuance. We expect the company to generate annual free cash flow of about $40 million in 2019, and to use its free cash flow for additional tuck-in acquisitions,” S&P said in a news release.

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