S&P rates Globetrotter loan B

S&P said it assigned its B- issuer credit ratings to Globetrotter Intermediate LLC, the new holding company for Quick Base, and Quartz Holding Co., the borrowing entity.

S&P also assigned a B issue-level rating and 2 recovery rating to the proposed $275 million first-lien term loan and $40 million revolving credit facility.

The outlook is stable.

In January, Vista Equity Partners agreed to acquire Quick Base. The transaction is expected to be funded by a $275 million first-lien term loan, a $140 million second-lien term loan and equity from Vista, current sponsor Welsh, Carson, Anderson & Stowe and management.

“The rating mainly reflects the elevated leverage of about 11x expected in 2019 as a result of the transaction, while balancing the company's small revenue base and relatively narrow product focus with its good revenue visibility and market tailwinds,” S&P said in a news release.

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