S&P downgrades Alteryx notes to B-

S&P said it lowered its rating on Alteryx Inc.'s senior unsecured notes to B- from B with a recovery prospect of 4 (rounded estimate: 30%) as a result of the addition of senior secured debt in the capital structure following the acquisition of Alteryx by private equity sponsors Clearlake Capital Group LP and Insight Partners for $4.4 billion on March 19.

The senior secured debt (not rated) consists of a $550 million secured term loan and a $200 million revolving credit facility.

The issuer credit rating on Alteryx remains B- with a stable outlook.

S&P said it is also in the process of withdrawing all ratings on Alteryx, including the B- issuer credit rating and B- issue-level rating on its unsecured notes, at the issuer’s request.

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