S&P rates HellermannTyton revolver BB

Standard & Poor's said it assigned a BB rating to the €230 million senior unsecured revolving credit facility due 2019 borrowed by HellermannTyton Group plc.

The agency also said it assigned a recovery rating of 3 to the proposed revolver, reflecting 50% to 70% expected default recovery.

The proceeds will repay HellermannTyton Group's existing €220 million senior secured notes due 2017.

S&P said it expects to withdraw the BB issue and 3 recovery ratings on these notes on completion of the refinancing.

The recovery rating on the revolver reflects the limited amount of prior-ranking debt in HellermannTyton Group's capital structure.

While coverage nominally exceeds 70%, the recovery rating is constrained by the notes' unsecured nature, which is only guaranteed by material subsidiaries of HellermannTyton Group, the agency said.

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