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S&P rates Press Ganey loans B
S&P said it assigned its B issuer credit rating to Emerald TopCo Inc. (Press Ganey).
It also assigned its B issue-level rating and 3 recovery rating to the company's proposed $1.25 billion first-lien term loan and $250 million revolving credit facility.
The outlook is stable.
Private-equity firms Ares and Leonard Green are acquiring Press Ganey in a $4.25 billion equity and debt transaction.
“We estimate that the company's adjusted debt to EBITDA will be around 9x pro forma for its new capital structure,” the agency said in a news release.
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