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Fitch rates Care Bidco loan CCC+
Fitch Ratings said it rated Care Bidcos 235 million floating-rate second-lien loan due 2029 CCC+ with an RR6 recovery rating.
Concurrently, the agency finalized the expected B issuer default rating and B+/RR3 first-lien ratings assigned on April 6.
The rating actions follow the full implementation of Care Bidco's financial structure and the closing of the acquisition of Cooper Consumer Health (Cooper) in November 2021. The final ratings follow the receipt of documents conforming to information already received. It also reflects a 50 million incremental facility raised post-closing to fund the acquisition of Lashile Beauty, which does not materially affect the expected ratings previously assigned, Fitch said in a press release.
The outlook is stable.
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