S&P rates Mediware loans B

S&P said it assigned a B rating and 3 recovery rating to Mediware Information Systems Inc.'s proposed $330 million first-lien credit facility, comprising a $300 million first-lien term loan due 2023 and $30 million revolving credit facility due 2021.

The proceeds will be used to refinance existing debt and to fund a dividend to its owners, S&P said.

The 3 recovery rating on the first-lien debt indicates 50% to 70% expected default recovery.

The ratings of Project Ruby Parent Co., the holding company of Mediware, are unchanged despite total debt increasing by about $100 million after the close of the transaction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.