Moody’s assigns B2 to Syncapay

Moody’s Investors Service said it gave a B2 corporate family rating and B2-PD probability of default rating to Newport Parent, Inc. (Syncapay) in connection with the proposed merger transaction and recapitalization by controlling shareholder Centerbridge Partners.

The agency also assigned a B2 rating to the company’s proposed $500 million first-lien credit facilities of a $50 million revolver and $450 million term loan.

“Syncapay’s solid niche positions result in good profitability and cash flow generation,” said Peter Krukovsky, a Moody’s senior analyst, in a press release. “Near-term revenue softness due to Covid will cause modestly elevated leverage in early 2021 on a trailing 12-month basis, but recent business trends support a return to growth later in the year reducing leverage to about 5.5x.”

The outlook is stable.

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