S&P rates Oreck loans B+

Standard & Poor's said it assigned its B+ corporate credit rating to Oreck Corp. At the same time, S&P assigned its B+ rating and a recovery rating of 4 to Oreck's proposed $210 million senior secured bank facilities. The outlook is stable.

Net proceeds from the bank term loan will refinance the company's existing debt (which partially funded the company's 2003 leveraged buyout), fund a shareholder dividend, pay related fees and expenses and provide for ongoing general corporate purposes.

S&P said the ratings on Oreck reflect its narrow business focus, limited geographic diversification, the discretionary nature of its products and aggressive financial profile.

© 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.