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S&P: Fundtech B, loans B+
Standard & Poor's said it assigned a preliminary B corporate credit rating to US FT Holdco Inc. (Fundtech), along with a preliminary B+ rating to its proposed $25 million senior secured revolving credit facility due 2016 and the $200 million first-lien term loan due 2017.
The preliminary recovery rating is 2, indicating 70% to 90% expected recovery in a default.
The outlook is stable.
The proceeds will be used for the acquisition and merger of Fundtech Ltd. and Bserv Inc. A $50 million subordinated loan (unrated) will provide additional funding, along with cash on hand and common equity, S&P said.
The ratings reflect the company's highly leveraged financial profile, the agency said.
This is offset by its improved market position and cost-reduction opportunities, S&P said.
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