Moody's assigns Omers Relief B3

Moody's Investors Service said it assigned ratings to Omers Relief Acquisition, LLC, including a B3 corporate family rating and B3-PD probability of default rating.

The agency also gave B2 ratings to the company's senior secured first-lien credit facilities, including a $60 million revolver, a $300 million term loan, and a $100 million delayed draw term loan. Moody's assigned a Caa2 rating to the $90 million senior secured second-lien term loan. The outlook is stable.

“The B3 corporate family rating reflects Gastro Health's high financial leverage and aggressive acquisition strategy. Pro forma adjusted debt to EBITDA was approximately 7.8 times as of March 31, 2021. Moody's expects Gastro Health's debt to EBITDA to decline towards the low seven-times range over the next 12 months. The rating agency expects the company to continue its pursuit of acquisitive growth. The company has completed 29 acquisitions since 2017 and has spent more than $100 million per annum on acquisitions over the past few years,” the agency said in a press release.

The proceeds and equity will be used to acquire Gastro Health by Omers Private Equity Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.