Moody’s assigns Orbotech loan B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Orbotech Ltd.

The agency also assigned a provisional B1 rating to the proposed $300 million guaranteed senior secured term loan borrowed by Orbotech Inc., which will finance the acquisition of SPTS Technologies Group Ltd.

The outlook is stable.

Moody’s said the rating reflects the leading market positions in its niche markets of providing manufacturing solutions for Printed Circuits Boards, for Flat Panel Displays as well as the additional diversification provided by SPTS, equipment manufacturer for markets such as the micro-electro-mechanical systems and advanced packaging. It also reflects the expectation that the company will use free cash flow to deleverage while the acquisition of SPTS is financed with a term loan and cash on hand, the agency said.

© 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.