S&P rates Sound Inpatient add-on B

S&P said it assigned B issue-level and 3 recovery ratings to Sound Inpatient Physicians Inc.'s proposed $150 million incremental first-lien term loan due 2025. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%, down from 60%) recovery in default.

Proceeds are expected to be used to finance acquisitions. Following the transaction, the agency said it forecasts Sound Inpatient's adjusted leverage to be about 7.3x in 2021 before improving to 6.4x in 2022.

Sound Inpatient’s B issuer credit rating and stable outlook are unchanged, S&P said.

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