Moody's assigns B3 to Confluent loan

Moody's Investors Service said it assigned a B3 rating to Confluent Health, LLC's planned $125 million incremental senior secured first-lien term loan due November 2028.

“There are no changes to Confluent's existing ratings including the B3 corporate family rating (CFR), the B3-PD probability of default rating (PDR) and B3 ratings on the senior secured first-lien credit facilities including the revolving credit facility, existing first-lien term loan, and delayed draw first-lien term loan,” Moody’s said in a press release.

Confluent expects to close an acquisition in the coming weeks. Confluent will use the loan, $61 million from its first-lien delayed-draw term loan and equity, including new equity from the sponsor and rollover equity, to fund this acquisition along with Confluent's letter-of-intent pipeline, and pay holdbacks from prior M&A and related transaction fees and expenses.

The outlook remains stable.

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