Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kinetic Concepts Inc. > News item |
S&P rates Kinetic loan BB-
Standard & Poor's said it assigned a BB- senior secured issue-level rating and 1 recovery rating on Kinetic Concepts Inc.'s proposed $200 million revolving credit facility maturing in 2016 and $2.6 billion term loan B maturing in 2018.
The 1 recovery rating reflects a 90% to 100% expected recovery for senior secured lenders in a default.
The agency said it assumed that the company will issue $2.15 billion of notes, which are unrated at this time and will be subordinate to the proposed senior secured revolver and term loan.
Kinetic's BB+ corporate credit rating remains on CreditWatch with negative implications.
The corporate credit rating was originally placed on CreditWatch Negative in July following reports that that the company may be subject to a takeover by a private-equity firm, S&P said.
The agency said it views the company's pro forma financial risk profile as highly leveraged given initial adjusted debt-to EBITDA of more than 7x.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.