Moody’s acts on Multiplan

Moody’s Investors Service said it took several actions on debt instruments of MPH Acquisition Holdings LLC’s (Multiplan Corp.) following the company’s change in refinancing plans. All other ratings remain unaffected, including Multiplan’s B2 corporate family rating and B2-PD probability of default rating assigned on Oct. 20. The outlook is unchanged at stable.

Moody’s upgraded to Ba3 from B1 the senior secured first-lien term loan due 2023 that will remain outstanding and assigned a Ba3 rating to the new senior secured first-lien revolving credit facility due 2023.

Separately, Moody’s withdrew the ratings of the previously proposed debt instruments, including the $450 million senior secured first-lien revolving credit facility due 2025 and the $2.47 billion senior secured first-lien term loan due 2027. Moody’s also withdrew the ratings on the $100 million senior secured first-lien revolving credit facility due 2021, and the $1.56 billion of unsecured notes, which have now been refinanced.

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