S&P rates MyEyeDr loan B-

S&P said it assigned its B- issue-level and 3 recovery ratings to MED ParentCo LP’s (MyEyeDr.) proposed $80 million incremental first-lien term loan due 2026. The 3 recovery rating indicates S&P’s expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default or bankruptcy.

A first-priority interest on substantially all assets held by the borrower secures the first-lien facilities, S&P said.

“We expect MyEyeDr. to issue $80 million of new preferred equity units, which its existing investors will hold. We view the preferred instrument as akin to debt. The proposed transactions will improve MyEyeDr.’s liquidity position during a period of heightened uncertainty and disruption caused by the Covid-19 pandemic,” S&P said in a press release.

Proceeds are expected to be used for general corporate purposes and to pay down revolver borrowings.

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