Moody’s rates MyEyeDr. loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to MED ParentCo., LP (MyEyeDr.).

Concurrently, Moody's assigned B2 ratings to the company's proposed first-lien credit facilities and Caa2 ratings to the proposed second-lien credit facilities.

The outlook is stable.

Proceeds from the transaction will be used to fund Goldman Sachs Merchant Banking Division's purchase of MyEyeDr. from Altas Partners and Caisse de dépôt et placement du Québec, and pay for fees and expenses associated with the transaction.

“The secondary buyout doubles the company's debt load compared to the prior capital structure, bringing pro-forma leverage to 8 times on a lease-adjusted basis,” Moody's analyst Raya Sokolyanska said in a news release.

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