Moody’s rates GoodRx new revolver B2

Moody’s Investors Service said it assigned GoodRx Inc.’s new revolver maturing in October 2024 a B2 rating and downgraded the company’s existing first-lien debt to B2.

“The rating action follows the announcement that GoodRx utilizing proceeds from a $155 million incremental first lien term loan and $50 million of cash to fully repay second lien debt and pay related fees and expenses. As a part of the transaction, the company is also extending the maturity on its $40 million revolving credit facility by one year to October 2024,” the agency said in a press release.

Moody’s sees the transaction as credit positive.

“The downgrade of the first lien senior secured ratings to B2 reflects that full repayment of the second lien debt will remove the loss absorption support to the first-lien credit facilities,” Moody’s said.

The outlook is stable.

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