Emergency Medical Services Corp. $950M Senior Unsecured Notes Assigned 'B-' Rating (Recovery Rating: 6) May 11
- Language: English
- Published: May 2011
U.S. medical transport and hospital outsourcing provider Emergency Medical Services Corp. (EMSC) is being acquired by Clayton, Dublier & Rice in a highly leveraged transaction for $3.2 billion plus fees and expenses. The transaction is being financed with a $1.44 billion senior secured term loan, $950 million of unsecured debt, and $922 million of common equity. We are lowering our corporate credit rating on EMSC to 'B+' from 'BB' following our review of the proposed transaction and removing the rating from CreditWatch. We are also assigning a 'B+' issue-level rating and '3' recovery rating to the company's proposed $1.44 billion senior secured term loan B. The stable outlook reflects our expectation that EMSC will remain highly leveraged over the next...
Companies mentioned in this report are: Emergency Medical Services Corp.
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Emergency Medical Services Corp.