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Moody’s gives Hill-Rom notes B1
Moody's Investors Service said it assigned a provisional B1 rating to Hill-Rom Holdings, Inc.'s senior unsecured notes.
Proceeds will largely be used to fund a portion of the pending acquisition of Welch Allyn Holdings, Inc., anticipated to close by the end of September.
Hill-Rom's Baa3 senior unsecured rating remains under review for downgrade.
Moody's expects to assign a Ba2 corporate family rating upon closing of the acquisition. At that time, the rating on Hill-Rom's bank debt will be changed to Ba2 from provisional Ba2 and the rating on the new unsecured bond will change to B1 from provisional B1.
If Hill-Rom's existing bonds remain unsecured, the agency expects to downgrade the rating on the company's existing notes to B1 from Baa3. Moody's also anticipates that the outlook will be stable.
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