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S&P rates SS&C Technologies loan BB+
S&P said it assigned its BB+ issue-level rating and 2 recovery rating to the proposed $2.775 billion senior secured first-lien term loan due 2029 issued by SS&C Technologies Holdings Inc.'s subsidiary, SS&C Technologies Inc. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default.
“We expect the company will use the net proceeds from this offering, along with the proceeds from $750 million of proposed other unsecured debt, to refinance its existing term loans maturing in 2025,” S&P said in a news release.
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