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Moody’s rates Covenant Surgical loans B2, Caa2
Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating for Covenant Surgical Partners, Inc.
Moody's also assigned a B2 (LGD3) rating to the company's new $35 million senior secured revolving credit facility and $250 million senior secured first-lien term loan.
Additionally, Moody's assigned a Caa2 (LGD5) rating to Covenant Surgical's $100 million senior secured second-lien term loan.
The outlook is stable.
Proceeds from the new credit facility, combined with $35 million of incremental equity from equity sponsor Kohlberg Kravis Roberts & Co. LP, will be used to fund acquisitions and refinance all existing debt.
“Covenant Surgical is pursuing four sizeable acquisitions in various markets. The affirmation of the B3 corporate family rating is supported by the meaningful increase in scale and market diversity resulting from the four pending acquisitions,” the agency said in a news release.
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