Moody's rates MJH Healthcare, loans B2

Moody's Investors Service said it assigned first-time ratings to MJH Healthcare Holdings, LLC, including a B2 corporate family rating, a B2-PD probability of default rating and a B2 rating to MJH's senior secured first-lien credit facility comprised of a seven-year $650 million term loan B and a five-year $75 million revolving credit facility.

“The B2 CFR reflects MJH's relatively small size and scale with anticipated 2021 revenue of less than $350 million. The rating reflects MJH's moderate pro forma financial leverage on a Moody's adjusted basis for the 12 months ended Sept. 30, 2021, which Moody's expects will remain in the mid-to-high four times range over the next 12-18 months. While MJH focuses on a diverse set of therapeutic categories, the company has some therapeutic category concentration,” Moody’s said in a press release.

BDT Capital Partners, LLC is acquiring MJH. The deal will be funded with term loan proceeds and a significant amount of preferred and common equity.

The outlook is stable.

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