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28 Mar 2011
Approximately $135 million in debt affected
New York, March 28, 2011 -- Moody's Investors Service assigned a B2 corporate family rating to first
time issuer Triple Point Technology, Inc. as well as B2 ratings
to Triple Point's $10 million revolver and $125 million
senior secured debt facilities. The debt will be used to finance
a $105 million (potentially up to $125 million) distribution
to its equity owners. The ratings outlook is stable.
The B2 ratings reflects the moderate to high leverage pro forma for the
equity distribution, high reliance on service revenues relative
to other enterprise software providers as well the small size of the company.
The ratings also recognize the company's strong niche position in
the fast growing energy trading and risk management ("ERTM")
software industry and the broader commodity management ("CM")
software industry as well as the strong cash generating capabilities of
the company relative to its debt. Though the pro forma leverage
of 4.2x is less than other private equity owned enterprise software
companies in the B2 category, the size (estimated 2010 revenues
of $109 million) is small compared to other B2 rated enterprise
The ratings also consider the company's shareholder friendly financial
policies as evidenced by the equity distribution (and potential for additional
distributions) as well as the acquisitive nature of the company.
We expect the company will largely be able to fund its acquisitions with
internally generated cash but there is a reasonable potential for debt
Triple Point has built a strong position providing a broad suite of ERTM
software particularly for companies that take physical possession of energy
products (including oil, gas etc.). In recent years
the company has also been developing a commodity management business providing
similar types of software products for companies that use commodities
in the production of their goods (as opposed to firms that trade in commodities
or financial instruments tied to commodities). The commodity management
software industry has attracted recognition as commodity pricing has become
more volatile and manufacturers, agricultural companies and food
producers find it critical to manage, track and assess their exposure
to a given commodity.
The stable outlook reflects our expectation that the company will continue
to grow and generate strong levels of free cash flow relative to debt
levels. The outlook also accommodates an additional $20
million equity distribution as well as a continued pace of acquisitions
which at times will exceed free cash flow production. The ratings
could face downward pressure if the company were to make a large debt
financed acquisition or if leverage were to exceed 5.5x for an
extended period. Given the small scale of the company and the shareholder
friendly financial policies, an upgrade is unlikely in the near
The following ratings were assigned:
Corporate family rating: B2
Probability of default: B3
Sr. Secured Revolver due 2016, B2 (LGD3 --
Sr. Secured First Lien Term Loan due 2016, B2 (LGD3 --
Ratings on the proposed debt instruments were determined in conjunction
with Moody's Loss Given Default Methodology. The senior secured
debt facilities are rated the same as the corporate family rating since
they represent the preponderance of the capital structure.
The principal methodology used in this rating was Moody's Global Software
Methodology published in May 2009.
Triple Point, a provider of commodity management and energy trading
and risk management software is headquartered in Westport, CT.
The company is owned by private equity firm ABRY Partners and management.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's Investors
Service information, and confidential and proprietary Moody's
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
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Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Matthew B. Jones
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's rates Triple Point B2
250 Greenwich Street
New York, NY 10007
No Related Data.
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