Moody’s gives Ortho-Clinical facilities B1

Moody's Investors Service said it assigned B1 ratings to Ortho-Clinical Diagnostics SA's proposed $2,325,000,000 senior secured term loan B due 2025 and $350 million revolving credit facility expiring 2023.

There are no changes to the company’s existing ratings, including the B3 corporate family rating and B3-PD probability of default rating.

The outlook is stable.

Ortho-Clinical intends use the proceeds to refinance its existing term loan due 2021 (approximately $2,297 million) and to pay transaction fees. The new revolving credit facility will replace the company's existing revolving credit facilities expiring in 2019 and 2021.

Moody’s said the refinancing transaction is leverage neutral, although it improves the company's debt maturity profile.

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