S&P gives Tenable, loan B+

S&P said it gave B+ ratings to Tenable Holdings Inc. and its planned $350 million first-lien term loan to be issued by subsidiary Tenable Inc. The loan’s recovery rating is 3.

“We expect Tenable to have elevated leverage in 2021, but expect leverage to improve over time as revenues grow and as the company's EBITDA margins expand. Despite high starting leverage Tenable displays favorable competitive and cash flow characteristics,” S&P said in a press release.

Loan proceeds are expected to initially go toward cash on the company's balance sheet to fund future acquisitions and for general corporate purposes.

The outlook is stable.

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