Fitch cuts nThrive, rates loans B+, CCC

Fitch Ratings said it downgraded the long-term issuer default ratings of MedAssets Software Intermediate Holdings, Inc. (nThrive Inc.) to B- from B. The agency downgraded the senior secured first-lien rating to B+ from BB- maintained the recovery rating at RR2 and assigned this rating to the planned first-lien loan. Fitch also assigned a senior secured second lien rating of CCC/RR6.

“The rating action comes upon the company's announced acquisition of TransUnion Healthcare, Inc. (TUHC), the healthcare software technology business of TransUnion, which, along with a refinancing of the existing capital structure, will be funded through the issuance of a $150 million undrawn 1L revolving credit facility, a $1.265 billion 1L term loan b, a $460 million 2L term loan, $460 million in a new series of preferred equity and $400 million in new common equity,” Fitch said in a press release.

The outlook is stable.

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