S&P ups Integer, rates loans BB-

S&P said it boosted its ratings for Integer Holdings Corp.’s and its senior secured debt to BB- from B+ and gave BB- and 3 recovery ratings to its planned term loans and revolver.

Integer’s first half of 2021 results indicate is continuing to gradually recover from the headwinds stemming from the pandemic. “In addition, the company continued to use its free cash flow for debt reduction, which enabled it to improve its S&P Global Ratings-adjusted leverage to 3.7x as of the end of the second quarter of 2021 from a peak of 4.7x in mid-2020. We believe it can reduce its leverage below 3.5x by the end of 2021 and sustain it at this level over the coming years,” the agency said in a press release.

Integer also plans to refinance its debt with a $400 million revolver, a $250 million term loan A due 2026 and a $350 million term loan B due 2028. The transaction addresses the upcoming maturity of Integer's debt due October 2022, S&P said.

The outlook is stable.

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