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Research Update: Medpace Inc. Assigned Preliminary 'B+' Ratings; Outlook Stable May 11
Standard & Poors, May 2011
Private equity firm CCMP Capital is acquiring 80.1% of Cincinnati-based contract research organization Medpace Inc. Medpace is entering into a $335 million senior secured credit facility consisting of a $50 million revolver due 2016 and a $285 million term loan due 2017. Medpace will be initially leveraged at 4.6x. Standard & Poor's is assigning a preliminary 'B+' corporate credit rating to Medpace and a preliminary 'B+' senior secured debt and a preliminary '4' recovery rating to the company's credit facility. The stable outlook reflects our belief that Medpace will benefit from the improving trends in the contract research industry. On May 23, 2011, Standard & Poor's Ratings Services assigned its preliminary 'B+' corporate credit rating to Cincinnati, Ohio-based Medpace Inc....
Companies mentioned in this report are: Medpace Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.