Moody’s rates Medline loan B1

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Mozart Borrower, LP (d/b/a "Medline"), the acquirer of Medline Industries, Inc.

Moody's also assigned a B1 rating to the company's $1 billion senior secured revolving credit facility, $6 billion senior secured U.S. dollar term loan B and the $1 billion (equivalent in euro) senior secured euro term loan B.

The outlook is stable.

The Blackstone Group, the Carlyle Group and Hellman & Friedman LLC (the sponsors) are acquiring Medline in a transaction that values Medline at approximately $34 billion. Proceeds from the rated term loans, secured mortgage debt of $2.2 billion, and future debt issuances of around $7.8 billion will be used to fund the cash portion of the purchase price.

“The stable outlook reflects Medline's significant scale with more than $19 billion of revenue in the most recent LTM period and its market position as a leader in a highly concentrated segment,” Moody’s said in a news release.

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