S&P rates ImageFirst, facility B

S&P said it gave B ratings to ImageFirst Holdings LLC and its planned first-lien facility. The recovery rating on the facility, which will include a $50 million first-lien revolving credit facility, a $210 million first-lien term loan and a $50 million first-lien delayed draw term loan, is 3. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%: rounded estimate: 55%) in default.

“While fairly well established within its niche outpatient linen laundering and rental market, ImageFirst's relatively small revenue scale, narrow service offering, and high end-market concentration constrain the rating,” S&P said in a press release.

Proceeds will be used to refinance ImageFirst’s debt.

The outlook is stable.

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