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Moody's affirms Accellent ratings, view
Moody's Investors Service said it affirmed the ratings and outlook of Accellent Corp. following news that Accellent signed a definitive agreement to merge with affiliates of Kohlberg, Kravis Roberts & Co. in a transaction valued at $1.27 billion.
Moody's said it expects to withdraw Accellent's existing debt ratings in connection with the anticipated refinancing of this debt upon closing of the merger.
Ratings affirmed include Accellent Corp.'s B2 corporate family rating, B2 $174 million guaranteed, secured term-loan B, B2 $40 million guaranteed, secured revolver and Caa1 $175 million guaranteed, senior subordinated notes.
Moody's said its affirmation reflects Accellent's strong contract manufacturing business, which focuses on markets that exhibit constant, but modest growth potential.
The B2 ratings also reflect high leverage, a relatively small revenue base and significant customer concentration risk, Moody's said.
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