Nov 20 - Leveraged Commentary and Data (LCD News) reported today that
MedAssets Inc. will refinance its current bank facility with a $250
million term loan A, a $350 million term loan B, and a $150 million revolving
credit facility. If MedAssets proceeds with this refinancing, we do not expect
it to affect our ratings on the company, given that outstanding debt would rise
by a negligible amount (assuming an undrawn revolver at close).
MedAssets' "fair" business risk profile incorporates its position as one of
three large participants in the highly competitive group purchasing industry and
somewhat variable revenue visibility in the fragmented revenue cycle management
(RCM) market. MedAssets' aggressive financial risk profile reflects pro forma
adjusted debt leverage of just under 5x and funds from operations (FFO) to total
debt of about 15%.