Moody's assigns MPH loans B1, notes Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to MPH Acquisition Holdings LLC, the indirect parent of MultiPlan, Inc.

At the same time, the agency assigned B1 (LGD 3, 33%) ratings to the company's proposed first-lien senior secured credit facilities, including a $2.2 billion senior secured first-lien term loan and a $75 million senior secured first-lien revolving credit facility.

Moody's also assigned a Caa1 (LGD 5, 87%) rating to the company's proposed $1 billion senior unsecured note offering.

The outlook is stable.

The proceeds from the senior secured term loan, senior unsecured notes and contribution of common equity, will fund the acquisition of the company by Starr Investment Holdings and Partners Group from the current owners, Silver Lake and BC Partners, refinance existing debt, and pay transaction fees and expenses.

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