Intralinks Holdings (IL) Ratings Placed on Review for Downgrade by S&P

S&P Global Ratings placed its 'B+' corporate credit rating on IntraLinks Inc. on CreditWatch with negative implications.

We are affirming the 'BB' issue-level rating on the company's existing senior secured first-lien credit facility.

"The CreditWatch placement follows the announcement that Synchronoss will acquire IntraLinks for $900 million, with the boards of both companies having unanimously approved the transaction," said S&P Global Ratings credit analyst Geoffrey Wilson.

We expect that IntraLinks' existing $80 million term loan due 2019 will be repaid when the transaction closes due to a change-of-control provision in the credit agreement in the event the company is acquired. As a result we are not placing our issue-level ratings on the company's debt on CreditWatch.

We will resolve the CreditWatch placement after the transaction closes, which we expect will happen in the first quarter of 2017, and subsequently withdraw all ratings on IntraLinks.

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