Moody's Investors Service assigned a B3 Corporate Family Rating and a B3-PD Probability of Default Rating to PharMEDium Healthcare Corporation ("PharMEDium"). Concurrently, Moody's assigned a B1 rating to the company's proposed first lien senior secured credit facilities and a Caa2 rating to the proposed second lien senior secured term loan. The rating outlook is stable. This is the first time that Moody's has rated PharMEDium. The company intends to use the proceeds from the above debt issuance, combined with cash equity from Clayton, Dubilier & Rice ("CD&R" or the "Sponsor") to fund a leveraged buyout by the sponsor, to refinance existing debt and to pay fees and expenses.
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