Moody's: Infor unchanged

Moody's Investors Service said that news of Infor Global Holdings Ltd. and Golden Gate Capital's unsolicited bid for Lawson Software, Inc. has no impact on Infor's B3 ratings.

Neither Infor nor Golden Gate have disclosed how the transaction would be financed if they are successful, Moody's said.

Infor, which currently is leveraged at 10.1x, has a negative outlook.

The $1.8 billion bid is substantial, the agency said.

Given Infor's current leverage levels, a standalone transaction would likely involve a refinancing of Infor's capital structure and infusion of a substantial amount of equity, Moody's said.

The bid was unsolicited, but it is uncertain if a transaction will even take place, the agency added.

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