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LifePoint slides with downgrade; MoneyGram changes emerge; Fortrea, RxBenefits on deck
By Sara Rosenberg
New York, May 31 – In the secondary market on Wednesday, LifePoint Health Inc.’s term loan softened following downgrades of the company’s ratings by Moody’s Investors Service, while Parkway Generation LLC’s strip of term loan B and term loan C debt held steady after ratings were cut by S&P Global Ratings.
LifePoint Health’s term loan fell to 87¾ bid, 88¾ offered on Wednesday from 89¼ bid, 90¼ offered on Tuesday as the company’s corporate family rating was cut to B3 from B2, senior secured term loan and senior secured notes rating was cut to B2 from B1 and senior unsecured rating was cut to Caa2 from Caa1 by Moody’s, a market source said.
Meanwhile, in the primary market, MoneyGram International Inc. reduced the size of its first-lien term loan B and modified the original issue discount, and Fortrea and RxBenefits Inc. (RXB Holdings Inc.) joined this week’s new issue calendar.
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