Moody’s eyes Agiliti for downgrade

Moody’s Investors Service said it placed Agiliti Health, Inc.’s ratings, including the B1 rating on the senior secured first-lien revolving credit facility and backed senior secured first-lien term loan, under review for downgrade. Previously, the outlook was stable.

On Monday, the company announced that Thomas H. Lee Partners, LP plans to buy the company for about $2.5 billion. The acquisition is expected to close in the first half of 2024 and is subject to regulatory approvals.

“The review for downgrade will primarily focus on Agiliti's change in ownership, as well as the treatment of Agiliti's debt by the acquirer along with the updated capital structure. If Agiliti's debt will be fully repaid as part of the transaction, then its ratings will be withdrawn,” the agency said in a press release.

The agency said it would consider any extra debt incurred or amounts drawn from its revolving credit facilities to finance the deal. “Further, Moody's will evaluate the company's likelihood of adopting more aggressive financial policies following the change in ownership.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.