...September 27, 2022 TORONTO (S&P Global Ratings) Sept. 27, 2022--S&P Global Ratings today assigned its 'B' issue-level rating and '1' recovery rating to Medical Depot Holdings Inc.'s $55 million super-senior term loan. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. The company plans to use the proceeds from this issuance to fund its general working capital uses. Our '5' recovery rating on Medical Depot's existing first-lien debt remains unchanged, indicating our expectation for modest recovery in the event of a payment default. However, we revised our rounded recovery estimate to 10% from 15% because the super-priority debt will now rank ahead of the first-lien debt in the company's capital structure. Our '6' recovery rating on Medical Depot's existing second-lien debt is unchanged. Despite the cash inflows from the transaction, our outlook on the company remains negative because of its persistently...
