We are updating our recovery analysis on Yardley, Pa.-based health education and services company MediMedia USA Inc. to reflect our upgrade of the company, the October 2011 credit agreement amendment, and the significant debt repayment from an asset sale. We have revised our recovery multiple downward, to 5x from 6x, reflecting the company's sale of a valuable portion of its business. Our simulated default scenario contemplates increased competition pressuring margins and pricing, making it difficult for MediMedia to refinance; the company has substantial maturities in 2014. The borrowers under the credit agreement and issuers under the senior subordinated notes are MediMedia USA Inc., Staywell Custom Communications LLC, Krames Staywell, LLC, and Three V Health LLC. The company's capital structure consists...
Companies mentioned in this report are: MediMedia USA Inc.
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