S&P rates MDVIP loans B, CCC+

S&P said it assigned a B issuer credit rating on Mamba Purchaser Inc. (dba MDVIP).

At the same time, the agency assigned B issue-level and 3 recovery ratings to the proposed revolving credit facility and first-lien senior secured debt. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of default.

S&P also assigned CCC+ issue level and 6 recovery ratings to the second-lien term loan with expectations of negligible (0%-10%; rounded estimate: 0%) recovery in the event of default.

The outlook is negative.

Mamba Purchaser is recapitalizing as part of its acquisition by Goldman Sachs Asset Management and Charlesbank Capital Partners.

S&P estimates pro forma leverage of above 8x post-closing of the transaction.

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