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Moody’s could lower Acadia
Moody's Investors Service said it placed the ratings of Acadia Healthcare Co., Inc., including the B1 corporate family rating, under review for downgrade.
This follows the announcement that the company signed a definitive agreement to acquire Priory Group No 3 plc (B2 stable).
Acadia will issue an aggregate 5.363 million shares of its common stock to the sellers and pay cash consideration of about $1,887,000,000, including the repayment of Priory's outstanding debt.
The transaction is expected to close by Feb. 16.
Moody's said the review will focus on the financing package, including the potential use of additional equity to fund the cash portion of the consideration, the timing and amount of any expected synergies, and the company's ability to reduce leverage following the completion of the transaction.
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