Moody’s rates Schumacher loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Onex TSG Intermediate Corp., the indirect parent of Schumacher Group.

At the same time, the agency assigned a B1 rating to Schumacher's proposed $475 million senior secured credit facilities, composed of a $75 million first-lien revolver and a $400 million first-lien term loan.

Moody's also assigned a Caa1 rating to the $135 million second-lien term.

The outlook is stable.

Proceeds will be used to fund the acquisition of Schumacher by financial sponsor Onex Partners Manager LP and complete the acquisition of Hospital Physician Partners for $271 million. Hospital Physician is an emergency and hospital medicine contract management company that operates in a similar line of business to Schumacher.

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