Moody’s rates Mediq, loans B2

Moody’s Investors Service said it assigned a new B2 corporate family rating and a new B2-PD probability of default rating to Magellan Dutch BidCo BV (Mediq), the new top entity of Mediq’s restricted group. Concurrently, Moody’s gave a B2 rating to the planned €500 million senior secured term loan B and a new B2 rating to the proposed €100 million senior secured revolving credit facility.

Moody’s forecasts the Moody’s adjusted debt / EBITDA to remain within the 5.5x-6x range for the next 12-18 months, at the high end of the 5x-6x range set for the B2. “As a result, the ratings are weakly positioned,” the agency said in a press release..

The loan proceeds will be used to refinance the capital structure.

Moody’s assigned a stable outlook. The outlook assumes the operating and competitive environment will remain stable that Mediq’s metrics will stay in the triggers set for the B2 rating, the agency said.

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