Qlik Technologies term loan B strengthens with Talend acquisition news

By Sara Rosenberg

New York, Jan. 5 – Qlik Technologies Inc.’s term loan B headed higher in the secondary market on Thursday following an announcement by the company of its intention to purchase Talend.

The term loan B was quoted by one trader at 97½ bid, 99 offered, up from 96¾ bid, 98¼ offered, and by a second trader at 98¾ bid, up from 97½ bid, 98½ offered.

“Buyers like the news. Positive catalyst moving it higher,” the second trader said regarding the term loan’s rise.

Closing on the acquisition is expected during the first half of 2023, subject to customary regulatory approvals. Terms of the proposed transaction were not disclosed.

Both Qlik and Talend are Thoma Bravo portfolio companies.

Qlik is a King of Prussia, Pa.-based data analytics company. Talend is a San Mateo, Calif.-based data integration and data management company.

Fund flows

In other news, actively managed loan fund flows on Wednesday were negative $28 million and loan ETFs were positive $35 million, market sources said.

Actively managed high-yield fund flows on Wednesday were negative $20 million and high-yield ETFs were positive $631 million, sources added.

Loan indices rise

IHS Markit’s iBoxx loan indices were stronger on Wednesday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.12% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.21%.

Month to date, the MiLLi is up 0.19% and year to date it’s up 0.19%. The LLLi is up 0.27% month to date and year to date.

Average secondary market bids in the U.S. on Wednesday were 91.93, up 0.01% from the previous day and up 0.02% year to date.

According to the IHS Markit data, some of the top advancers on Wednesday were Mitel Networks’ November 2018 covenant-lite fourth out no roll-up term loan at 23.33, up from 22.50, Pretium Packaging’s October 2021 covenant-lite term loan at 81.25, up from 79.50, and Apex Tool’s February 2022 covenant-lite term loan B at 87, up from 85.42.

Some top decliners on Wednesday were LogMeIn’s August 2020 covenant-lite term loan B at 62.38, down from 64.11, Genesis Care’s March 2020 U.S. covenant-lite term loan B at 33.38, down from 34.21, and Cyxtera’s May 2017 covenant-lite term loan at 82.80, down from 84.45.

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