Moody’s assigns MedAssets B3, loans B2

Moody’s Investors Service said it assigned first-time ratings to MedAssets Software Intermediate Holdings, Inc., including a B3 corporate family rating and B3-PD probability of default rating. The agency also gave B2 instrument ratings on a new $75 million first-lien revolving credit facility and a new $440 million first-lien term loan. The outlook is stable.

Term loan proceeds, a new, unrated $160 million second-lien term loan, plus $554 million of new preferred and common stock will be used by an affiliate of private equity firm Clearlake Capital Group, LP to acquire nThrive, Inc.’s technology solutions group segment.

“The B3 CFR reflects MedAssets’ small scale, very high Moody’s-adjusted opening pro-forma debt-to-EBITDA leverage of roughly 9.4 times, and the operational risks associated with carving out the technology solutions group business of nThrive, Inc. into a stand-alone entity,” the agency said in a press release.

The outlook is stable.

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