S&P assigns Devix loans B and CCC+

Standard & Poor's said it assigned its B long-term corporate credit rating to Devix Midco SA, the Luxembourg-registered parent of Nemera and Centor.

At the same time, the agency assigned its B issue rating to the senior secured first-lien facilities, comprising a $415 million first-lien term loan due in 2021 and a $65 million undrawn committed revolving credit facility. The recovery rating on these facilities is 3.

S&P also assigned its CCC+ issue rating to the $140 million senior secured second-lien term loan due 2022. The recovery rating is 6.

S&P said the ratings reflect its assessment of the group's "fair" business risk profile and "highly leveraged" financial risk profile, as criteria define these terms.

Devix Midco comprises the former devices and prescription retail packaging divisions of Rexam plc's health care business. The devices business now operates under the "Nemera" brand, and the prescription retail business under "Centor." On April 30, Montagu Private Equity acquired these divisions.

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