S&P: Expro on positive watch

Standard & Poor's said it placed its CCC+ long-term corporate credit rating on Expro Holdings U.K. 3 Ltd. on CreditWatch with positive implications.

At the same time, S&P placed the following issue ratings on CreditWatch positive:

• The B+ issue rating on the $160 million super-senior revolving credit facility issued for Expro Holdings U.K. 4 Ltd. (not rated). The recovery rating on the revolver is 1+, reflecting S&P's expectation of full (100%) recovery for creditors in an event of default;

• The B- issue rating on Expro's $1.35 billion senior secured term loan D. The recovery rating on the loan is 2, reflecting an expectation of substantial (70%-90%) recovery in an event of default;

• The B- issue rating on the $1.4 billion senior secured notes due 2016 issued by Expro Finance Luxembourg SCA. The recovery rating on the notes is 2, reflecting an expectation of substantial (70%-90%) recovery in an event of default; and

• The CCC issue rating on the $869 million mezzanine loan issued for Expro Holdings U.K. 4. The recovery rating on the loan is 5, reflecting an expectation of modest (10%-30%) recovery in an event of default.

The CreditWatch placement follows Expro's announcement that it intends to sell its Connectors and Measurements division to German industrial conglomerate Siemens AG (A+/positive/A-1+) for $630 million.

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