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S&P rates Cohu loan BB-
S&P said it assigned its BB- issuer credit rating to Cohu, Inc. The outlook is stable.
At the same time, the agency assigned a BB- issue-level rating and 3 recovery rating to the company’s proposed $350 million senior secured term loan B. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.
“The rating on Cohu primarily reflects the company's relatively small revenue base and niche focus within back-end semiconductor manufacturing test equipment, and S&P Global-adjusted leverage of about 3x at transaction close,” S&P said in a news release.
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