S&P rates Medline notes B+, B-

S&P said it assigned B+ issue-level and 3 recovery ratings to Mozart Debt Merger Sub Inc.'s (Medline Industries) planned $3.77 billion of secured notes offering. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in default.

The agency also assigned B- issue-level and 6 recovery ratings to the proposed $4 billion senior unsecured notes offering. The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in default.

The funds will be used to partially finance the leveraged buyout of Medline Industries by the Blackstone Group, the Carlyle Group, and Hellman & Friedman LLC.

Medline’s issuer rating is B+

© 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.