Fitch applies BB/RR1 to TeamHealth facility

Fitch Ratings said it assigned a B issuer default rating to Team Health Holdings, Inc. and a BB/RR1 to its senior secured credit facility, including a term loan B and revolver.

The outlook is positive.

Fitch said the ratings incorporate the planned acquisition of the company by private equity sponsor Blackstone. The purchase of TeamHealth's equity and the retirement of the company's existing debt will be funded by the credit facility, consisting of a $2.6 billion term loan and $400 million revolver, along with $1 billion of unsecured bonds expected to be issued at a later date and a $2.6 billion equity contribution from Blackstone.

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