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Moody's alters EverCommerce view to negative
Moody's Investors Service said it changed EverCommerce Solutions Inc.’s outlook to negative from stable.
The revised outlook reflects EverCommerce reporting the $182.5 million DrChrono Inc. acquisition and the $200 upsizing of its term loan, the agency said.
Moody’s noted the company’s last 12 month debt leverage will rise by more than 1x to nearly 6x (Moody’s adjusted).
The agency, however, affirmed EverCommerce’s B1 corporate family and B1-PD probability of default ratings. It also affirmed the B1 rating on the company's senior secured first-lien credit facility, comprised of a $190 million revolver and a term loan, which EverCommerce plans to upsize to $550 million. The speculative grade liquidity rating of SGL-1 is unchanged.
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