...+ U.S.-based blood glucose monitoring (BGM) product manufacturer LifeScan Global Corp. is being spun off of Johnson & Johnson and being acquired by private equity sponsor Platinum Equity LLC. + The company's capital structure will consist of a $125 million super-priority revolver, a $1.4 billion first-lien term loan, and a $350 million second-lien term loan. + We are assigning a 'B+' corporate credit rating to LifeScan. The outlook is stable. + In addition, we are assigning our '##' issue-level rating to the company's super-priority revolver, 'B+' issue-level rating to the company's first-lien secured debt, and 'B' issue-level rating to the company's second-lien secured debt. + The stable outlook reflects our expectation that, despite expected EBITDA declines, the company will sustain leverage below 5x, reflecting significant cash flow generation over the next few years, that it will direct, in part, to debt reduction. BOSTON (S&P Global Ratings) May 8, 2018--S&P Global Ratings today said...
