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Fitch affirms Owens & Minor
Fitch Ratings said it affirmed Owens & Minor Inc.'s issuer default rating, senior unsecured credit facility and senior unsecured debt at BBB-.
The outlook is stable.
The affirmation reflects the company's progress on the integration of the October 2008 acquisition of the Burrows Co., the agency said. The company also paid down roughly $146 million of $97 million acquisition-related debt and $49 million of working capital-related debt using free cash flow and $63 million in proceeds from the January 2009 sale of Access Diabetic Supply.
As of March 31, 2009, total debt-to-EBITDA ratio was 1.05x. Fitch said it expects leverage will range between 1x and 2x, depending on targeted acquisition opportunities and other transactions.
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