Moody’s eyes Versant Health for upgrade

Moody’s Investors Service said it placed Versant Health Holdco, Inc.’s B3 corporate family rating, B2 senior secured bank facility and Caa1 second-lien term loan on review for upgrade, following Thursday’s announcement by MetLife, Inc. it would acquire Versant for $1.675 billion in cash.

Moody’s expects Versant’s debt to be paid off before the deal closing, which is expected before year-end 2020.

“The review for upgrade reflects Versant’s pending acquisition by MetLife, one of the largest global insurance companies. Versant would become part of the group benefits business, which is one of the largest business lines for MetLife, offering life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, vision and accident and health coverage, as well as prepaid legal plans,” Moody’s said in a press release.

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