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S&P assigns Hologic BB-, loan BB
Standard & Poor's said it assigned its BB- corporate credit rating to Hologic Inc. with a stable outlook.
At the same time, loan and recovery ratings were assigned to Hologic Inc.'s proposed $2.55 billion senior secured facilities, consisting of a $250 million term loan A facility, a $850 million term loan B facility, a $1.25 billion term loan X facility and a $200 million revolving credit facility, S&P noted, adding that the facilities are rated BB with a recovery rating of 2.
S&P said that the ratings on these facilities are placed on CreditWatch with positive implications, given the company's intention to issue within the next few months, a significant amount of unsecured, equity-linked instruments to replace most or all of the term loan X facility.
If the market placement of these securities is successful and replaces the entire term loan X facility, the agency said that the bank loan rating on the remaining secured debt will likely be raised one notch to BB+.
S&P said that the ratings reflect Hologic's initially high leverage, short track record of success, challenge to integrate this acquisition of Cytyc and strong positions in attractive specialty medical markets.
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