S&P assigns B- to Signant Health loans

S&P said it assigned B- issue and 3 recovery ratings to Signant Health’s (Buccaneer Intermediate Holdco Ltd.) planned bank loans. The company plans to secure an $80 million revolving credit facility, undrawn at close, an $850 million first-lien term loan, and a $130 million delayed-draw term loan, expected to be drawn in the near term to fund an acquisition. The 3 recovery rating (50%-70%; rounded estimate: 50%) indicates meaningful recovery in default.

The agency also affirmed Signant’s B- issuer rating.

Signant will use the new loans to refinance its debt.

The outlook is stable.

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