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Moody's ups HealthTronics, rates loans Ba3
Moody's Investors Service said it assigned ratings to the proposed debt of HealthTronics Inc.
Prime Medical Services Inc. acquired HealthTronics Surgical Services Inc. on Nov. 11 and subsequently changed the name of the company to HealthTronics Inc.
Concurrently, Moody's upgraded HealthTronics' senior implied rating to Ba3 from B1, reflecting improved operations and a more favorable outlook. The outlook is stable.
Moody's assigned a Ba3 rating to HealthTronics' $175 million senior secured facility due 2011 and its senior secured revolving credit facility due 2005.
The proceeds from the proposed transaction will be used to refinance the existing debt of HealthTronics.
Moody's said the upgrade reflects the stabilization of the same store sales growth rate of HealthTronics' lithotripsy services due to higher rates, strong demand for its services and the re-engineering of its physician partnerships.
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