S&P gives MeridianLink B+, loans BB-

S&P said it gave MeridianLink Inc. a B+ issuer rating and gave BB- issue-level and 2 recovery ratings to its planned $50 million revolving credit facility due 2026 and $435 million first-lien term loan due 2028.

“The rating action follows MeridianLink's IPO and subsequent paydown of about $200 million of debt. It significantly reduced leverage, as we now expect S&P Global Ratings-adjusted debt to EBITDA in the 3.5x-4x range, compared with our previous expectation of 7x-8x. Furthermore, the company is refinancing its capital structure, providing sufficient liquidity to operate the business and a debt maturity profile of more than six years,” S&P said in a press release.

Concurrently, the agency raised the issuer credit rating on Project Angel Intermediate Holdings, LLC to B+ from B-.

The outlook is stable, which reflects S&P’s expectation that MeridianLink’s adjusted leverage will remain in the 3.5x-4x range over the next 12 months.

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