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S&P rates MedImpact loans B+
S&P said it assigned a B+ issuer credit rating to MedImpact Holdings Inc.
At the same time, the agency assigned a B+ issue-level and 3 recovery rating to the proposed senior secured credit facility, which will be issued by subsidiary MI OpCo Holdings Inc. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default.
The outlook is stable.
S&P said MedImpact is refinancing its capital structure with a $550 million term loan B and a $650 million delayed-draw incremental term loan. S&P expects the company will use the delayed-draw term loan to fund near-term acquisition opportunities.
“The stable outlook reflects our expectation that MedImpact will generally maintain leverage between 3x and 4x as it pursues and integrates acquisitions,” S&P said in a news release.
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