S&P rates totes Isotoner B, loans B, CCC+

Standard & Poor's said it assigned its B corporate credit rating to totes Isotoner Corp.

The outlook is negative.

At the same time, S&P said it assigned its loan and recovery ratings to totes' proposed secured bank financing, which consist of a $125 million first-lien term loan due 2012 and a $65 million second-lien term loan due 2013.

The first-lien facility is rated B with a recovery rating of 2, S&P said, adding that the second-lien loan is rated CCC+ with a recovery rating of 5.

Proceeds from the proposed bank loan, along with borrowings from a proposed $85 million asset-based revolving credit facility (unrated), will be used by the equity sponsor, MidOcean Partners, to finance the acquisition of totes, S&P added.

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