Fitch puts Tibco Software on watch

Fitch Ratings said it placed all ratings for Tibco Software Inc. and Balboa Intermediate Holdings LLC (collectively Tibco) on rating watch negative. This includes their long-term issuer default ratings, as well as the first-lien senior secured ratings of B+/RR3 and the CCC+/RR6 second-lien secured ratings.

The RWN follows the announcement that Vista Equity Partners and Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management LP, agreed to acquire Citrix Systems, Inc. and combine it with Tibco.

“Fitch expects that the private equity sponsors will structure the combined entity to be highly levered,” the agency said in a press release.

The agency said it also withdrew Bali Finco Inc.'s planned $1.415 billion first-lien senior secured term loan ratings of B+/RR3 as Tibco is no longer pursuing the acquisition of Blue Prism Group plc.

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