Moody’s: Milano Acquisition B3, loan B2

Moody’s Investors Service said it assigned Milano Acquisition Corp. a B3 corporate family rating, a B3-PD probability of default rating and a B2 instrument rating to its proposed first-lien senior secured credit facilities. The facilities include a $2.4 billion term loan and a $400 million revolving facility.

“The initial ratings reflect the credit profile of the new entity (Milano) that will be formed after the acquisition by Veritas Capital (Veritas) of DXC Technology Corp.’s (DXC) health and human services (HHS) assets. The proposed transaction is expected to close before the end of calendar year 2020,” Moody’s said in a press release.

Proceeds along with proceeds from an unrated second-lien debt and an equity contribution from the sponsor will be used to finance the acquisition and provide liquidity.

The outlook is stable.

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