S&P gives BBB- to Teleflex credit facility

Standard & Poor's said it assigned a BBB- issue-level rating and 1 recovery rating to Teleflex Inc.'s $850 million senior secured revolving credit facility. The 1 recovery rating reflects an expectation of very high recovery (90%-100%) of principal in the event of a default.

At close, S&P said it expects about $380 million on the facility to be drawn to repay the company's outstanding term loan.

S&P rates the company's subordinated debt BB- with a recovery rating of 5, indicating prospects of modest recovery (10%-30%) of principal in the event of a default. The corporate credit rating is BB with a stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.