Moody's: Teleflex notes B1

Moody's Investors Service said it assigned a B1 (LGD 4, 68%) rating to Teleflex Inc.'s new senior subordinated note offering and a provisional B1 to the senior subordinated securities under its multi-seniority shelf.

Moody's also said it changed the company's speculative grade liquidity rating to SGL-1 from SGL-2.

The proceeds will be used to refinance a portion of bank term debt and provide additional liquidity for general corporate purposes.

Moody's also said it affirmed Teleflex's Ba3 corporate family and probability of default ratings and convertible senior subordinated notes at B2 (LGD 5, 88%)

The outlook is stable.

Following its 2007 acquisition of Arrow International, Teleflex has been reshaping its portfolio by divesting assets in both its aerospace and commercial segments, Moody's said.

The ratings reflect the company's moderately diverse offerings of lower tech hospital based products, moderate size, a recent history of weak sales growth and a need to refocus on innovation, the agency said.

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