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Moody’s rates Zelis loan B2
Moody’s Investors Service said it assigned a B2 rating to the proposed $1.65 billion first-lien senior secured credit facilities, including a $150 million five-year revolving credit facility and a $1.5 billion seven-year term loan, to be borrowed by Zelis Payments Buyer Inc. (ZelisRedCard) together with Zelis Cost Management Buyer, Inc.
Proceeds from loan, together with new sponsor equity from Bain Capital, will be used to combine Zelis Healthcare Corp. and RedCard Partnership, LLC, retire debt and to pay transaction related fees and expenses.
Moody’s also assigned a B2 corporate family rating and B2-PD probability of default rating to Zelis Payments Buyer, Inc.
The outlook is stable.
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