Recovery Report: Emdeon Inc.'s Recovery Rating Profile Oct 11
Standard & Poors, October 2011
Abstract
Standard & Poor's Ratings Services has assigned preliminary issue-level and preliminary recovery ratings to Nashville, Tenn.-based Emdeon Inc.'s proposed first-lien credit facility and senior unsecured notes. The proceeds of the current offering will fund a leveraged buyout (LBO) of the company by Blackstone Capital Partners and Hellman & Friedman, valued at about $3.3 billion, including assumed debt. Standard & Poor's simulated default scenario envisions the loss of one or two key clients due to competitive incursion, resulting in reduced EBITDA and ultimately in payment default. Emdeon Inc. is the issuer for the first-lien credit facilities and senior unsecured notes. The credit facility consists of a $125 million revolver, which we expect to be undrawn at the transaction's close, and a...
Companies mentioned in this report are: Emdeon Business Services LLC,Emdeon Inc.
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.
Research Type: Full Analysis
Emdeon Business Services LLC,Emdeon Inc.
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