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S&P rates Zelis, loan B
S&P said it assigned a B rating to a planned $150 million five-year first-lien revolver and $1.5 billion seven-year first-lien term loan B for Zelis Holdings LLC. The recovery ratings on the first-lien credit facilities are 3, reflecting an expectation for meaningful (50%) recovery in the event of a payment default.
The agency also assigned a B rating to Zelis.
Zelis Healthcare Corp. will use the loans to refinance its capital structure in connection with its proposed merging with RedCard.
The outlook is stable.
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