Moody’s rates Unilabs loan B1

Moody's Investors Service said it assigned a B1 rating to a new €250 million senior secured term loan B3 to be borrowed by Unilabs Diagnostics AB, a wholly owned subsidiary of Unilabs Subholding AB.

Unilabs' other ratings are unchanged, namely, the B2 corporate family rating, B2-PD probability of default rating, the B1 rating of the senior secured facilities, including the €1.13 billion term loan B2 and €200 million revolving credit facility both borrowed by Unilabs Diagnostics, and the Caa1 rating of the €405 million senior unsecured notes issued by Unilabs.

The outlook is stable.

Moody’s said the action follows the company's announcement that it is in advanced discussions to acquire a clinical laboratory services network in a key existing market, and reflects the agency’s understanding that the new €250 million loan will not be mutually interchangeable (fungible) with the outstanding €1.13 billion term loan.

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