New York, June 16, 2016 -- Moody's Investors Service, ("Moody's") today downgraded the ratings of Lanai Holdings III, Inc. ("Lanai", the parent company of Patterson Medical Holdings, Inc.), including the Corporate Family Rating to B3 from B2 and the Probability of Default Rating to B3-PD from B2-PD. Moody's also downgraded the ratings on the company's senior secured first lien credit facilities to B2 from Ba3, and the rating on the senior secured second lien credit facilities to Caa2 from Caa1. The proceeds from the senior secured 1st lien and 2nd lien term loans and contribution of common equity, will fund the acquisition of Performance Health, refinance existing debt, and pay transaction fees and expenses. The first lien term loan was upsized by $330 million and the second lien term loan was upsized by $120 million in connection with this transaction. The outlook is stable.

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