...- Biogroup's parent CAB announced its plan to issue a new term loan B and other senior debt to refinance a portion of its existing 2 billion term loan B, 305 million second-lien debt, and 218 million payment-in-kind debt; the revolving credit facility (RCF) will increase to 270 million from 130 million. - The group's EBITDA benefits from well-executed acquisitions with increasing scale and network density driving operating efficiency, while the contribution from highly profitable COVID-19 testing more than off-set the negative impact from the lockdown that have affected routine testing. - We forecast financial leverage on the cash-interest-paying debt to fall toward 5x in 2020, then slightly increase in 2021 and increase above 7x in 2022 as the group loses the benefit from non-recurring COVID-19 testing. - Therefore, we are affirming our 'B-' issuer credit rating on CAB and assigning our 'B-' issue rating and '3' recovery rating to the proposed new term loan B. - The stable outlook reflects...
