S&P changes Navicure view to stable, rates new loan B-

S&P said it revised the outlook for Navicure Inc. to stable from positive.

S&P said it assigned a B- issue-level rating to the first-lien term loan with a recovery rating of 3. The agency did not rate the second-lien term loan.

Bain Capital is selling its majority stake to EQT Partners and Canada Pension Plan Investment Board in a transaction valued at $2.7 billion.

“The outlook revision reflects our expectation that the additional net debt as a result of the transaction will increase adjusted leverage to over 12x in 2019,” said S&P in a news release.

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