CHICAGO (S&P Global Ratings) May 13, 2025--S&P Global Ratings today revised its recovery rating on Bioplan USA Inc.'s second-lien senior secured take-back loan to '3' from '4' and affirmed the 'CCC+' issue-level rating. The '3' recovery rating reflects our expectation for average (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The recovery rating revision follows Bioplan?s repayment of $15 million of its first-lien priority loan in January 2025. The company now has $25.9 million outstanding under its priority loan, which is down from the original $50.0 million issue amount. The lower amount of first-lien priority debt in Bioplan's capital structure results in improved recovery prospects for the second-lien take back loan in our simulated default scenario.
