Moody's ups Thermadyne view to positive

Moody's Investors Service said it changed the outlook of Thermadyne Holdings Corp. to positive from negative and affirmed the B3 corporate family rating and Caa1 rating on the $172 million senior subordinated notes due 2014 with its LGD 5, 71% revised from LGD 4, 69%.

The outlook change follows the company's retirement of its second-lien term loan, representing roughly 10% of its balance sheet debt, as well as five quarters of sequential revenue growth, Moody's said.

While revenues remain well below historical peak levels, the company's focused cost reductions over the past year have supported a return to profitability levels and financial leverage profile last seen in mid-2008 prior to the onset of the global economic downturn.

© 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.