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S&P rates Accellent loans B, CCC+
Standard & Poor's said it affirmed its B corporate credit rating on Accellent Inc.
The rating was removed from CreditWatch, where it was placed on Feb. 3.
The outlook is stable.
At the same time, S&P assigned its B credit rating to Accellent's $75 million revolving credit facility and $795 first-lien term loan.
The agency also assigned its CCC+ credit rating to the company's $260 million second-lien term loan.
The recovery rating on the revolver and the first-lien term loan is 3, indicating an expectation for meaningful (50% to 70%) recovery of principal, and the recovery rating on the second-lien term loan is 6, indicating an expectation for negligible (0 to 10%) recovery of principal, both in the event of payment default.
These actions follow Accellent's agreement to acquire Lake Region Medical for $390 million.
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