Moody’s assigns Onex TSG loans B2

Moody’s Investors Service said it assigned B2 ratings to Onex TSG Intermediate Corp.’s (SCP Health) planned senior secured $88.75 million first-lien revolver and $530 million term loan maturing in five years and seven years, respectively.

Onex TSG will use the funds raised from the proposed term loan, along with a portion of cash, to fully repay its first-lien term loan due 2022 and the second-lien term loan due 2023. The company expects that the new revolver will be undrawn at the close of the transaction.

Moody’s also affirmed its B2 corporate family rating and changed the outlook to stable from negative.

The outlook reflects a combination of improving business performance, the extension of the maturity of the company’s debt and a moderate reduction of total debt, the agency said.

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