S&P rates Project Alpha (Qlik) loan B

S&P said it assigned a B corporate credit rating to Project Alpha Intermediate Holding Inc. (Qlik Technologies Inc.) The outlook is stable.

S&P also assigned a B issue-level rating and 3 recovery rating to the company's $75 million secured revolver due 2022 and the $995 million secured term loan due in 2024. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default.

“Our ratings reflect Qlik's high leverage, above 13x adjusted debt to EBITDA for the 12 months ended Dec. 31, 2016; low EBITDA margins (excluding credit for cost cuts and restructuring) and modest scale relative to software peers; and its technological leadership among providers of data analytics enterprise software, including IBM Corp., Microsoft Corp., SAP SE, Tableau Software, and Tibco Software Inc.,” said S&P credit analyst Kenneth Fleming in a news release.

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