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Moody's might up 21st Century, rates loans Ba3
Moody's Investors Service said it placed 21st Century Oncology, Inc.'s B3 corporate family rating and other existing ratings on review for upgrade.
The review was prompted by 21st Century's announced plan to reduce debt with proceeds from its initial public offering of common stock and preferred stock offering, as well as refinance and extend the maturity of a portion of its existing debt.
The company's speculative grade liquidity rating of SGL-3 will remain unchanged until the transactions close.
In a related action, Moody's assigned Ba3 ratings to 21st Century's proposed $210 million senior secured revolving credit facility and $430 million senior secured term loan.
The assigned Ba3 ratings assume the IPO and debt refinancing close as planned.
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