...October 20, 2020 - Akumin Inc. has proposed to offer $375 million senior secured notes due 2025 and $75 million five-year senior secured revolving credit facility (undrawn at close) to refinance its existing $69 million revolving credit facility (of which $28 million in currently drawn), $65 million term loan A due 2024, and $265 million term loan B due 2024. - After the transaction, S&P Global Ratings expects Akumin's adjusted leverage will be around 6x in both 2020 and 2021. - We are assigning our 'B-' issuer credit rating on Akumin Inc. At the same time, we are assigning our 'B-' issue-level and '3' recovery ratings to the company's senior secured debt, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. - Our stable outlook reflects an expectation for steadily improving patient volume growth as the coronavirus pandemic eases, leading to low- to mid-single-digit-percent organic growth over the next two years. NEW YORK (S&P Global...
