Moody’s gives Syneos notes B2

Moody’s Investors Service said it assigned a B2 rating to the proposed senior unsecured notes of Syneos Health, Inc. and upgraded the secured bank credit facility ratings to Ba2 from Ba3.

“The B2 rating on the unsecured notes, two notches below the corporate family rating, reflects the significant amount of secured debt ahead in the capital structure. The upgrade for the senior secured credit facilities to Ba2 reflects the introduction of junior debt in the capital structure that provides loss absorption to senior creditors,” Moody’s said in a press release.

Proceeds will be for general corporate purposes, including funding the announced acquisition of Synteract for $400 million and some debt repayment.

Moody’s also affirmed the Ba3 corporate family rating and the probability of default rating at Ba3-PD. The speculative grade liquidity rating is unchanged at SGL-1.

The outlook is stable.

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