S&P rates Da Vinci loan B

S&P said it assigned a B rating with a 3 recovery rating to Da Vinci Purchaser Corp.’s (doing business as WIRB-Copernicus Group or WCG) proposed $920 million first-lien term loan and $125 million revolver. The $345 million second-lien loan is unrated.

Proceeds will be used in a recapitalization.

S&P also assigned a B rating to WCG. The company has a long history in institutional review board services and is the largest commercial player in this niche. The IRB segment accounts for about 50% of the company’s overall revenue, with the balance consisting of lower-margin clinical services organizations, which focus on a variety of niche services to help accelerate clinical trials, the agency said.

The outlook is stable.

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