Moody’s rates Diplomat Pharmacy, loan B1

Moody's Investors Service said it assigned Diplomat Pharmacy, Inc. a B1 corporate family rating, B1-PD probability of default rating, B1 senior secured rating and an SGL-2 speculative grade liquidity rating.

The outlook is stable.

Term loan proceeds, plus borrowings under the new revolving credit facility and the proceeds of new common equity, will be used to fund the company's pending acquisition of LDI Holding Co., LLC and refinance existing debt.

Moody’s said the B1 corporate family rating reflects Diplomat’s niche position as a specialty pharmacy operator and its recent expansion into the pharmacy benefit management (PBM) space.

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