...- Red IntermediateCo LLC (doing business as Virgin Pulse Inc.), an employee health and well-being digital platform and services provider, is seeking to refinance its outstanding debt and pay a $285 million dividend to shareholders. - We assigned our 'B-' issuer credit rating to Red IntermediateCo LLC, the holdco of Virgin Pulse Inc. Virgin will be the borrower. - At the same time, we assigned our 'B-' issue-level and '3' recovery ratings to the $570 million first-lien credit facility, consisting of a $65 million revolving credit facility due 2026, and a $505 million first-lien term loan due 2028. - We also assigned our '###' issue-level and '6' recovery ratings to its $185 million second-lien term loan due 2029. - The stable outlook reflects Virgin's strong net retention rates and stable S&P Global Ratings-adjusted EBITDA margins in the mid-20% area, which should enable continued revenue growth and good FOCF levels....
