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S&P rates TLC B, loan BB-
Standard & Poor's said it assigned its B corporate credit rating to TLC Vision Corp.
The outlook is positive.
At the same time, the agency said it assigned loan and recovery ratings to TLC Vision (USA) Corp.'s $110 million secured financing.
The debt, which consists of a $25 million revolving credit facility with five-year maturity and an $85 million term loan B with six-year maturity is rated BB- with a recovery rating of 1, the agency noted.
"Proceeds of the financing will be used, in combination with cash on hand, to fund the repurchase of up to 20 million shares of outstanding stock," explained S&P credit analyst Cheryl Richer.
The rating on TLC reflects its concentration in laser vision correction, the agency said, adding that as a corporate provider, TLCV competes with private practice ophthalmologists and hospitals, which together perform about 60% of U.S. refractive surgery procedures.
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