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Moody’s rates Patterson Medical loans Ba3, Caa1
Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Lanai Holdings III, Inc., parent holding company of Patterson Medical Holdings, Inc.
Concurrently, the agency assigned a Ba3 rating to the company's proposed senior secured first-lien credit facility that includes a $300 million term loan and a $50 million revolver. It also assigned a Caa1 to the proposed $135 million senior secured second-lien term loan.
The outlook is stable.
Proceeds will be used to finance Madison Dearborn Partners' purchase of the company from Patterson companies in a leveraged buyout transaction.
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