Moody's cuts Apria loan

Moody's Investors Service said it lowered Apria Healthcare Group, Inc.'s proposed senior secured term loan rating to B2 from B1 after the company upsized the issuing amount to $900 million from $750 million.

As noted in a March 22 press release, the rating on the proposed term loan could be adjusted to B2 if the final amount were increased even modestly from $750 million.

After the upsize, the term loan will represent the preponderance of Apria's new debt structure post refinancing, thus it is rated at par with the corporate family rating of B2.

Concurrently, Moody's affirmed all existing ratings of the company, including the B2 corporate family rating, the B2-PD probability of default rating and the existing B1 rating on the $700 million senior secured A-1 notes and Caa1 rating on the $318 million senior secured A-2 notes.

The outlook remains negative.

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