Moody’s rates Vizient loans B1, notes Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Vizient, Inc.

At the same time, the agency assigned B1 (LGD 3) ratings to the company's proposed first-lien senior secured credit facilities, including a $1.475 billion first-lien senior secured term loan and a $75 million revolving credit facility.

Moody's also assigned a Caa1 (LGD 6) rating to the company's proposed $400 million of senior unsecured notes.

The outlook is stable.

Proceeds, along with existing cash, will fund Vizient's acquisition of the Spend and Clinical Resource Management (SCM) and Sg2 businesses from MedAssets, Inc., as well as to refinance existing debt, and pay transaction fees and expenses. This transaction follows the recent leveraged buyout of MedAssets by Pamplona Capital Management.

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