S&P gives B+ to VCVH loans

S&P said it assigned its B+ issue-level ratings to VCVH Holding Corp.'s announced offering of senior secured credit facilities, consisting of a $3.165 billion term loan B maturing in 2025 and a $300 million revolving credit facility maturing in 2023.

S&P also assigned a 2 recovery to the debt, indicating an expectation of substantial (70%-90%; rounded estimate: 70%) recovery of principal in the event of payment default.

VCVH Holding is a subsidiary of U.S.-based health care technology company VCVH Holding II Corp. (d/b/a Verscend Technologies Inc.)

“Our ratings on Verscend remain on CreditWatch, including the B- issuer credit rating, where we placed them with positive implications on June 19, 2018, after the company announced its plan to acquire Cotiviti Corp. for $4.9 billion. Upon completion of the acquisition, we will raise our issuer credit rating on Verscend to B and assign a stable outlook,” S&P said in a news release.

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