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S&P rates HealthTronics loans BB-
Standard & Poor's said it affirmed its BB- corporate credit rating on HealthTronics Inc.
At the same time, S&P assigned its BB- senior secured debt rating and 3 recovery rating to HealthTronics Inc.'s proposed $50 million senior secured revolving credit facility maturing in 2010 and a $125 million senior secured term loan B maturing in 2011. The outlook is stable.
The company is expected to use the proceeds from the term debt, in addition to about $5 million to $10 million of borrowings under the new revolving credit facility, to refinance $30 million of existing revolving credit facility borrowings, refinance $100 million of unsecured senior subordinated notes and fund about $5 million of related fees and premiums.
S&P said the ratings on HealthTronics Inc. (formerly Prime Medical Services Inc.) reflect the company's participation in two disparate niche business lines.
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