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S&P rates MPH notes B+
S&P said it assigned its B+ issue and 3 recovery ratings to MultiPlan Corp. subsidiary MPH Acquisition Holdings LLC's $775 million of senior secured notes due 2028. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in default.
The senior secured notes will rank equally with MPH's expected $450 million first-lien revolver due 2026 and $1.6 billion first-lien term loan due 2028.
MultiPlan plans to use the debt proceeds to repay $2.341 billion outstanding of its first-lien term loan due 2023.
“The transactions will be leverage neutral. As of June 30, 2021, MultiPlan's leverage was 6.5x. The ratings on MultiPlan Corp. and MPH Acquisition Holdings LLC are unaffected by the proposed financing,” S&P said in a press release.
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