Epicor Software Corporation -- Moody's downgrades Epicor Software to B3, assigns ratings to proposed new debt issuance

New York, May 18, 2015 -- Moody's Investors Service, ("Moody's") downgraded Epicor Software Corporation's ("Epicor") corporate family rating to B3 from B2 and downgraded the company's probability of default rating to B3-PD from B2-PD. Moody's also assigned a B2 rating to Epicor's proposed first lien loan facilities and assigned a Caa2 rating to the proposed second lien term loan. The proceeds from the new credit facilities are being used to refinance the existing notes, term loans, and holding company pay-in-kind notes, as well as to fund a distribution to shareholders. Epicor is simultaneously spinning off its retail solutions business unit (approximately $134 million of revenue as of March 31, 2015). The downgrade was driven by the material increase in leverage as a result of the transactions. The outlook is stable.

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