Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Pediatric Associates Holding Co. LLC > News item |
S&P rates Pediatric Associates loan B
S&P said it gave B issue with 3 recovery ratings to Pediatric Associates Holding Co. LLC's planned $100 million delayed-draw term loan. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in default. The company is also proposing a $60 million add-on to its first-lien term loan.
“Our B issuer credit and issue-level ratings on the company's existing first-lien debt remain unchanged. The recovery rating remains 3,” S&P said in a press release.
Pediatric Associates is expected to use $39 million of proceeds from the add-on to pay for specific acquisitions and $10 million to repay amounts drawn on the revolver. The agency said it expects the company to use the $100 million delayed-draw loan for future acquisitions.
“The incremental debt proposed is consistent with our assumptions of about $100 million of acquisition spend per year within the company's debt capacity for the current B rating,” S&P said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.