S&P rates Circor loans B-

S&P said it rated Circor International Inc.’s planned $530 million first-lien term loan and $100 million first-lien revolver, expected to be undrawn at close, B- with 3 recovery ratings.

Circor will use the term loan to refinance its debt facilities.

Concurrently, S&P said it revised Circor’s outlook to stable from positive and affirmed its B- issuer rating. “We now project Circor will end 2021 with S&P Global Ratings-adjusted leverage in the mid-7x area, which compares with our prior forecast for leverage of 6x-6.5x, due to the effects of increased supply chain challenges on both its costs and delivery timelines. Although the company's end-market prospects remain broadly favorable, it is experiencing a delay in its revenue realization due to supply chain and logistics challenges and cost inflation,” the agency said in a press release

The outlook is stable.

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