U.S.–based LSCS Holdings Inc. (dba Dohmen Life Science Services) is recapitalizing as part of a leveraged buyout (LBO) by private equity company JLL Partners and Water Street Healthcare Partners. In conjunction with the LBO, The Access Group is merging with Dohmen, a provider of drug commercialization solutions for pharmaceutical manufacturers. With the new debt financing, we expect pro forma adjusted leverage to be about 6.0x at the end of 2018. We are assigning a 'B' corporate credit rating to the company. The outlook is stable. At the same time, we are assigning a 'B' issue-level rating and '3' recovery rating to the first-lien credit facility, and a 'CCC+' issue-level rating and '6' recovery rating to the company's second-lien debt. Our
