Moody's assigns a B2 to Forefront loan

Moody's Investors Service said it assigned a B2 rating to Forefront Dermatology’s (Dermatology Intermediate Holdings III, Inc.) new $100 million incremental senior secured first-lien term loan.

There is no change to the company's B2 corporate family rating, B2-PD probability of default rating, B2 ratings on the $95 million senior secured first-lien revolving credit facility, $535 million senior secured first-lien term loan and $100 million senior secured first-lien delayed-draw term loan.

“Moody views the incremental term loan as credit positive. This reflects the additional liquidity provided from the incremental term loan that the company will use to fully repay outstanding revolving credit facility borrowings and add roughly $30 million in cash to the balance sheet to support future growth,” the agency said in a press release.

The outlook is negative.

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