NVA Holdings Inc. Assigned 'B' Corporate Credit Rating, Stable Outlook; Other Rating Actions Taken

NVA Holdings Inc., a veterinary facilities operator, is adding $60 million to its first-lien term loan. Pro forma adjusted leverage will be around 8.0x in 2015, inclusive of the $60 million incremental addition to the first-lien loan. We are assigning our 'B' corporate credit rating to NVA Holdings Inc. and withdrawing our corporate credit rating on NVA Merger Sub Inc. following its merger into NVA Holdings Inc. We are also affirming our 'B' issue-level rating on the company's $404 million first-lien term loan and $70 million revolver and our 'CCC+' issue-level rating on its $160 million second-lien term loan. The stable outlook reflects our expectation that NVA will continue generating acquisition-driven double-digit revenue growth and steady EBITDA margins. At the

...+ NVA Holdings Inc., a veterinary facilities operator, is adding $60 million to its first-lien term loan. + Pro forma adjusted leverage will be around 8.0x in 2015, inclusive of the $60 million incremental addition to the first-lien loan. + We are assigning our 'B' corporate credit rating to NVA Holdings Inc. and withdrawing our corporate credit rating on NVA Merger Sub Inc. following its merger into NVA Holdings Inc. + We are also affirming our 'B' issue-level rating on the company's $404 million first-lien term loan and $70 million revolver and our '###+' issue-level rating on its $160 million second-lien term loan. + The stable outlook reflects our expectation that NVA will continue generating acquisition-driven double-digit revenue growth and steady EBITDA margins. At the same time, we expect the company's aggressive debt-funded growth strategy to sustain leverage above 5.0x through 2015. NEW YORK (Standard & Poor's) March 20, 2015--Standard & Poor's Ratings Services assigned its 'B'...

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