Moody’s rates Press Ganey loan B2

Moody’s Investors Service said it rated Press Ganey’s (Azalea TopCo Inc.) planned incremental $400 million senior secured first-lien term loan B2 and affirmed the B2 ratings on the company's $250 million revolver due 2024 and $1.186 billion senior secured first-lien term loan.

“The B2 rating on the first-lien debt reflects their priority position relative to second-lien debt of $444 million (unrated) in the capital structure,” Moody’s said in a press release.

Press Ganey will use the loan and an equity commitment to fund the acquisition of Forsta.

Concurrently, the agency affirmed Press Ganey’s B3 corporate family rating and B3-PD probability of default rating.

The outlook is stable.

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