S&P gives Orbotech loans B+

Standard & Poor's said it assigned its preliminary B+ long-term corporate credit rating to Orbotech Ltd.

At the same time, the agency assigned its preliminary B+ issue rating to the company's proposed $300 million senior secured loans.

The preliminary rating on Orbotech reflects our assessment of its financial risk profile as "aggressive" and its business risk profile as ‘weak,’ under the criteria. Orbotech is planning to issue $300 million in loans and use the proceeds, along with about $86 million of cash on its balance sheet, to fund the acquisition of SPTS Technologies.

The closing of the acquisition is expected in the third quarter of 2014.

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