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S&P rates Sensus loan B+
Standard & Poor's said that it assigned Sensus USA Inc.'s senior secured first-lien facilities, consisting of a $100 million revolver and a $375 million term loan, a B+ issue-level rating with a 3 recovery rating and its second-lien term loan a B- issue rating and 6 recovery rating.
Proceeds from the new senior secured facilities will be used to fund a return of capital to equity holders, repay existing credit facilities, tender for outstanding senior subordinated notes and for other general corporate purposes.
The ratings on Sensus reflect the company's weak business risk profile and aggressively leveraged financial risk profile, the agency said.
The ratings also consider Sensus' adequate liquidity, the agency added.
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