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Prospect News home > News index > List of issuers I > Headlines for inVentiv Health, Inc. > News item |
Moody's may cut inVentiv
Moody's Investors Service said it placed the ratings of inVentiv Health Inc., including the B2 corporate family rating, under review for possible downgrade following the announcement that the company will acquire PharmaNet Development Group (B3/stable) from JLL Partners.
The acquisition is expected to close on or around June 30, the agency said.
Moody's also placed inVentiv's Ba3 $75 million senior secured revolver due, $525 million senior secured term loan due 2016, $105 million senior secured term loan due 2016 and $210 million delayed draw term loan due 2016 and Caa1 $160 million of notes due 2018 and $275 million of notes due 2018 on review.
The initiation of the review is based on the aggressive pace of acquisitions and the likelihood that inVentiv will have to increase debt in order to fund the purchase of PharmaNet, the agency said.
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