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Fitch affirms Hillenbrand
Fitch Ratings said it affirmed its issuer default rating for Hillenbrand, Inc. at BBB- following the announcement that it agreed to acquire Red Valve Co., Inc. for $131.9 million.
The agency also affirmed Hillenbrand’s senior unsecured credit facility (revolver and term loan) and senior unsecured notes at BBB-.
The outlook is stable.
Outstanding debt as of Sept. 30 was $528 million.
Fitch said the acquisition of Red Valve, which produces specialized valves and other flow control solutions for water, waste water and industrial flow processes, furthers Hillenbrand’s penetration into the flow control industry. Hillenbrand will pay $131.9 million for Red Valve, which is 10.9 times its LTM EBITDA of $12.1 million.
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