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Moody’s rates Sterigenics loans B1
Moody's Investors Service said it assigned a B2 corporate family rating to Sterigenics-Nordion Holdings, LLC.
The agency also rated the proposed $1.2 billion senior secured credit facilities B1.
The outlook is negative.
Proceeds, along with $450 million unsecured financing (either in the form of unsecured bonds or a separate unsecured bridge term loan facility), combined with new cash equity from Warburg Pincus and roll-over equity from existing owner GTCR and management, will be used to fund the acquisition of Sterigenics for $2.3 billion and to pay fees and expenses.
All ratings at STHI Holdings Corp., including the B2 corporate family rating, remain under review for downgrade.
The review was initiated on March 24 following the acquisition announcement.
Moody's expects to withdraw all ratings at STHI Holdings upon closing of the transaction.
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