S&P gives Envigo facility B-

S&P said it revised the CreditWatch implications of the B- long-term corporate credit rating on Envigo Holdings Inc. to positive from developing.

At the same time, the agency assigned a B- senior secured debt rating and 3 recovery rating to the company's new $350 million senior secured term loan facility, consisting of a $50 million senior secured revolver due 2022 and a $300 million senior secured term loan B due 2023, and placed the rating on CreditWatch with positive implications.

S&P also affirmed the B+ senior secured and CCC senior unsecured debt ratings on Envigo's existing debt and removed them from CreditWatch.

The agency said the revision is based on the prospective significant reduction in leverage following Envigo's acquisition by Avista Healthcare Public Acquisition Corp., as well as the projected continued improvement of earnings and cash flows from the company's core pharmaceutical nonclinical services business.

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