S&P affirms ThermaClime

Standard & Poor's said it affirmed and removed its B- rating on ThermaClime Inc. from CreditWatch where it was originally placed on June 21. The rating was placed on CreditWatch as a result of heightened refinancing risk following the termination of a proposed $80 million notes offering.

The outlook is stable.

S&P said the rating action follows the company's announcement that it closed on a $50 million secured term loan due 2009. Proceeds from the loan were used to repay about $35 million of 16% senior notes, repurchase a portion of the 10.75% bonds due in 2007, and provide additional working capital.

The transaction eliminates the company's refinancing risk associated with the 16% senior notes maturing in June 2005, the agency said.

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