...November 21, 2019 - Pediatric home care provider Aveanna Healthcare LLC plans to acquire Maxim Health Service Inc.'s home care services division for $1.16 billion, partially funded with $805 million in new debt, consisting of $560 million in additional first-lien debt and $245 million in an additional second-lien term loan. - We are affirming our 'B-' issuer credit rating on Aveanna Healthcare, reflecting our view that the increased scale and business diversity following the acquisition is largely offset by heightened integration risk and leverage of about 8.1x in 2020 and 7.2x in 2021. - We are assigning our 'B-' issue-level rating to the proposed $560 million senior secured first-lien debt. The recovery rating is '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default. - We are assigning a '###' issue-level rating to the proposed $410 million second-lien term loan. The recovery rating is '6', indicating our expectation...
