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S&P: Serena Software on positive watch
Standard & Poor’s said it placed the B corporate credit rating on Serena Software Inc. on CreditWatch with positive implications.
As part of the acquisition, the agency said it expects the company will repay its $345 million term loan due 2020.
S&P also said it will withdraw the ratings on the company after the transaction closes.
The CreditWatch follows news that Micro Focus has agreed to acquire Serena from private equity firm HGGC.
The transaction could result in Serena’s leverage remaining less than 4x on a pro forma basis, S&P said, and its scale significantly improving, which would likely result in an upgrade of the company.
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