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S&P rates MyEyeDr. loans B, CCC+
S&P said it assigned a B rating and a stable outlook to MED ParentCo. LP, which will become the parent of CVS Holdings I LP, operating as MyEyeDr. once the purchase closes. The B rating is the same as CVS Holding, which will be withdrawn once the transaction closes.
The agency is assigning a B rating and a 3 recovery rating to the proposed first-lien credit facility. The facility includes a $125 million revolver due 2024, and an $845 million term loan due 2026. The proposed $360 million term loan due 2027 was rated CCC+ with a 6 recovery rating.
The ratings reflect a high debt level once the buyout is completed by the unit of Goldman Sachs Merchant Banking Division, it said. S&P expects deleveraging over the next year.
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