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Prospect News home > News index > List of issuers E > Headlines for Ellie Mae, Inc. > News item |
Fitch changes Ellie Mae view
Fitch Ratings said it affirmed Ellie Mae's B+ long-term issuer default rating following the announcement to acquire a mortgage process automation company.
The outlook was revised to negative from stable.
Fitch also affirmed the BB/RR2 rating for the $75 million secured revolving credit facility and the upsized $1.315 billion first-lien secured term loan.
The $385 million second-lien secured term loan is not being rated.
The acquisition is being financed with an incremental $350 million first-lien term loan and cash on balance sheet.
Fitch said it views the acquisition as highly complementary as the technology can be integrated into Ellie Mae's product suite and allows Ellie Mae to provide further automation in the mortgage underwriting process.
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