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Moody's rates HealthSpring loan Ba3
Moody's Investors Service said it assigned a Ba3 senior secured debt rating to HealthSpring, Inc.'s new $350 million secured credit facility. The facility consists of a $175 million five-year term loan and a $175 million four-year revolver.
The proceeds were used to repay the outstanding debt under the company's existing credit facility, Moody's said.
The outlook remains stable.
The ratings reflect HealthSpring's consistently strong profit margins, growing regulatory capital level and moderate financial leverage, the agency said.
The agency noted that HealthSpring's financial leverage would be modestly reduced as a result of the debt reduction from this transaction.
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