...January 31, 2020 - Diaverum Holding S.a.r.l. intends to raise a 200 million add-on to its existing first-lien term loan to fund the amendment of its joint venture and associated ancillary agreements related to Saudi Arabia and the Middle East, resulting in a significant EBITDA uplift and a simplified operational structure. - Diaverum's credit profile reflects its focus on a single but high-growth disease area, a degree of contract concentration in its portfolio, and S&P Global Ratings-adjusted debt leverage of above 7.0x, with free operating cash flow (FOCF) reinvested into growth. - We are assigning our 'B-' long-term issuer credit rating and stable outlook to Diaverum. We are also assigning our 'B-' issue-level and '3' recovery ratings to its senior secured first-lien term loan B. - The stable outlook reflects our view that Diaverum should be able to maintain stable adjusted EBITDA margins of 20%-23% over the next 12-18 months, supported by stable reimbursement tariffs and patient volumes...
