Ivanti Cut by S&P on Likelihood of Default or Debt Restructuring

Ivanti Software was downgraded by S&P Global Ratings, which said the US-based company faces an increased likelihood of default or a debt restructuring transaction that would be considered a distressed exchange.

• Ivanti’s issuer credit rating cut to CCC+ from B, with a negative outlook
  • The new rating is four notches above default
• As of Sept. 30, the company had about $7.5 million of cash and $100 million under its $175 million revolving credit facility, which expires in Dec. 2025
• “While we understand Ivanti is in the process of negotiating a refinancing, its elevated leverage, cash flow deficits, and the uncertainty ...