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Moody’s applies B1 to Hill-Rom notes
Moody's Investors Service said it assigned a B1 to Hill-Rom Holdings, Inc.'s new senior unsecured note offering.
Hill-Rom's existing ratings, including its Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior unsecured notes, remain unchanged.
The outlook is stable.
Proceeds from the note offering will be used to partially fund the $330 million acquisition of Mortara Instrument, Inc.
"Despite incremental debt, we expect Hill-Rom to bring leverage back to current levels relatively quickly as it uses free cash flow to pay down borrowings," Moody's senior credit officer Diana Lee said in a news release.
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