S&P rates Verdesian Life Sciences loans BB-

Standard & Poor’s said it assigned its B+ corporate credit rating to Verdesian Life Sciences LLC. The outlook is stable.

At the same time, based on preliminary terms and conditions, S&P assigned a senior secured debt rating of BB- (one notch higher than the corporate credit rating) and a recovery rating of 2 to Verdesian’s proposed $225 million credit facility.

The proposed credit facility consists of a $25 million five-year revolving credit facility and a $200 million six-year first-lien term loan.

“Our B+ rating on Verdesian has been derived from our anchor of b, based on our assessments of the company’s ‘fair’ business risk and ‘highly leveraged’ financial risk profiles,” said S&P credit analyst James Siahaan in a news release.

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