Germany-based home care provider GHD GesundHeits Deutschland GmbH is issuing €310 million of first-lien notes and setting up a €45 million secured revolving credit facility (RCF) to support the company's takeover by the German private equity firm Nordic Capital. We are assigning our preliminary 'B' long-term corporate credit rating to GHD's holding company Cidron Gloria Holding GmbH. We assess Cidron Gloria Holding's financial risk profile as "highly leveraged" and its business risk profile as "weak." The stable outlook reflects our view that GHD will be able to maintain its EBITDA margin at about 10% and funds from operations (FFO) cash interest coverage at about 2.5x. On July 22, 2014, Standard&Poor's Ratings Services assigned its preliminary 'B' long-term corporate
