Nashville, Tenn.-based specialty laboratory services provider Aegis Toxicology Sciences Corp. is being acquired by the financial sponsor ABRY Partners in a debt financed transaction. Pro forma for the transaction, the ratio of adjusted debt to estimated 2013 EBITDA is 6.2x. We are assigning Aegis Toxicology Sciences Corp. our 'B' corporate credit rating. We are also assigning a 'B' issue-level rating with a '3' recovery rating to a new $235 million first-lien credit facility and a 'CCC+' issue-level rating with a '6' recovery rating to a new $98 million second-lien credit facility. The stable outlook reflects our expectation that, despite increasing EBITDA and positive cash flow generation, Aegis's adjusted debt leverage will remain above 5.0x over the next 12 months. On
