Vizient Inc.#s New Debt Assigned #BB-# Rating

Stocks and Financial Services Press Releases Wednesday January 17, 2018 08:45
NEW YORK--17 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 16, 2018--S&P Global Ratings today assigned its 'BB-' issue-level rating to Vizient Inc.'s new revolver, term loan A, and term loan B. The recovery rating is '2', indicating our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. The transaction does not affect leverage. The company will use the proceeds of the revolver and term loan A to repay a portion of its existing term loan B. In addition, the balance of the term loan B is being repriced.

The 'B+' corporate credit rating on Vizient reflects the company's leading but specialized focus as a group purchasing organization (GPO), or a negotiator of supply contracts to hospitals and other health care providers. It also reflects our expectation that leverage will remain between the mid-4x area and 5x over the next year.

For the corporate credit rating rationale, see the research update on Vizient published on Aug. 9, 2017.

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