S&P puts Qlik on positive watch, rates loans B

S&P said it placed all its ratings on Project Alpha Intermediate Holding Inc. (doing business as Qlik) on CreditWatch with positive implications.

S&P also assigned a preliminary B issue-level rating and a preliminary 3 recovery rating to the new revolving credit facility and first-lien term loan.

Qlik announced the acquisition of data transformation provider Talend in January 2023 and has been working on implementing synergies over the past few quarters. S&P said it expects realized synergies to be earlier and larger than expected, which, along with continued growth, will help Qlik see improved credit metrics in 2024.

Qlik also announced it will refinance its capital structure with a new best-efforts $200 million revolving credit facility and $2.4 billion first-lien term loan.

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