Moody's rates HealthSpring loan Ba3

Moody's Investors Service said it assigned Ba3 senior secured debt ratings to HealthSpring, Inc.'s two new term loans totaling $400 million.

The proceeds from these loans, along with cash on hand and an additional $100 million drawdown on an existing revolving credit facility, will be used to fund HealthSpring's recently announced agreement to acquire Bravo Health, Inc.

The targeted completion date for the acquisition is on or before the end of 2010, pending regulatory approval, the agency noted.

The outlook is stable.

Moody's noted that it had previously affirmed HealthSpring's ratings on Aug. 27 after the announcement of the acquisition.

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