Orthopedic products maker Zimmer Biomet Holdings Inc. is acquiring LDR Holding Corp., a medical device company focused on surgical technologies for the treatment of spine disorders, for about $1 billion, funded with cash and about $750 million of incremental debt. Pro forma for this transaction our leverage estimate for 2016 increases to 3.7x, up modestly from our prior expectation of 3.6x. Our 2017 leverage remains materially unchanged at 3.3x We are affirming our 'BBB' corporate credit rating on Zimmer Biomet. The stable outlook on Zimmer reflects our expectation that the company will achieve modest revenue growth, generate strong free operating cash flows and generally maintain debt leverage in the mid-to-low end of the 3x to 4x range over the next
