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S&P assigns Owens & Minor loan BB-
S&P said it gave BB- issue and 3 recovery ratings to the expected $1.2 billion secured term loan issued by Owens & Minor Inc.'s subsidiaries. The 3 recovery rating indicates an expectation for average (50%-70%; rounded estimate: 60%) recovery in default.
The borrowers of the proposed debt will be the same as the borrowers of the company's secured debt (Owens & Minor Distribution Inc., Owens & Minor Medical Inc., Barista Acquisition I LLC, Barista Acquisition II LLC, O&M Halyard Inc., and Byram Healthcare Center Inc.) and the term loan will be guaranteed by parent Owens & Minor.
The company will use the proceeds and the anticipated proceeds from $500 million of unsecured debt it will sell later to fund its acquisition of Apria Inc. and pay related fees and expenses.
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