...July 17, 2019 LONDON (S&P Global Ratings) July 17, 2019--S&P Global Ratings today said that German health care company GHD Verwaltung GesundHeits GmbH Deutschland's (B/Negative/--) plans to refinance its senior secured debt will extend the overall maturity of the company's capital structure, and improve its liquidity profile by reducing refinancing risks. GHD intends to refinance its 45 million revolving credit facility (RCF) and 360 million senior floating-rate term loan B (due 2021), with a new RCF of 80 million, and a new 360 million term loan line. These instruments will mature in 6.5 years and seven years, respectively, from the closing date of the proposed transaction. The pricing will be Euro Interbank Offered Rate (EURIBOR) plus 3.5% for the RCF, and EURIBOR plus 4%-4.25% for the term loan B, depending on market demand. The term loan facility is covenant-lite, while the RCF has a springing leverage covenant, which is triggered when 40% is drawn. GHD reported growth of 1.6% to 241...
