S&P gives Thermon, facilities B+

S&P said it assigned its B+ corporate credit rating to Thermon Group Holdings Inc.

The outlook is stable.

The agency also assigned a B+ issue-level to subsidiary Thermon Holding Corp.'s proposed $250 million secured term loan B due 2024 and subsidiaries Thermon Holding and Thermon Canada Inc.'s proposed $60 million secured revolving credit facility due 2022. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery.

Thermon intends to use proceeds of the proposed term loan to fund the C$258 million acquisition of CCI Thermal Technologies Inc. The acquisition is consistent with management's strategy to grow in adjacent product lines, S&P said.

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