S&P rates CSP Technologies loan B+

Standard & Poor’s said it assigned a B corporate credit rating to CSP Technologies Sarl.

The agency also said it assigned a B+ rating with a recovery rating of 2 to the proposed $195 million first-lien senior secured credit facilities. The 2 recovery rating indicates 70% to 90% expected default recovery.

The senior secured credit facilities consist of a $25 million five-year revolving credit facility and a $170 million seven-year term loan B.

The outlook is stable.

S&P said that Wendel Group signed a definitive agreement to indirectly acquire CV Holdings LLC through affiliate CSP Technologies.

The acquisition will be financed with the proposed loan and about $201 million in equity, the agency said.

The ratings reflect the company’s fair business risk and highly leveraged financial risk profiles, S&P said.

The ratings also consider its narrow product focus, which primarily serve the health care market, the agency said.

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