S&P affirms Hunter Fan, gives loans B, CCC+

Standard & Poor's said it affirmed its B corporate credit rating on Hunter Fan Co.

In addition, the agency said it assigned senior secured bank loan and recovery ratings to the company's planned $220 million first-lien bank loan due 2014, which includes a maximum $15 million delayed draw term loan, and the company's planned $75 million second-lien term loan due 2014.

The first-lien debt was rated B, the same as the corporate credit rating, with a recovery rating of 2, S&P noted, adding that the second-lien debt was rated CCC+ with a 5 recovery rating.

Proceeds from this transaction will be used to help MidOcean Partners acquire Hunter Fan, the agency said, adding that the ratings reflect the company's leveraged capital structure, narrow product focus, small size and customer and supplier concentration.

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