Moody’s may lower Owens & Minor

Moody's Investors Service said it placed Owens & Minor, Inc.’s Ba1 corporate family rating and senior unsecured ratings on review for downgrade.

The SGL-2 speculative grade liquidity rating was affirmed.

Moody’s said the review was prompted by the company's announcement that it signed a definitive agreement to acquire the surgical and infection prevention business of Halyard Health, Inc. (Ba3 Rating under review for downgrade) for about $710 million.

The agency expects the acquisition to be funded largely with new debt.

Owens & Minor expects the transaction to close in the first quarter of 2018, subject to regulatory approvals.

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