Fitch assigns FloWorks B, Loan B+

Fitch Ratings said it assigned a B long-term issuer default rating to FloWorks International LLC (FLWK) and S-I Intermediate Holdings, Inc. The agency also assigned BB/RR1 ratings to the company's $60 million asset-based lending facility and B+/RR3 ratings to the $270 million senior secured term loan.

“FLWK's IDR is supported by its steady demand profile as a result of its contracted revenue, MRO-focused products and mission critical nature for its customers. These characteristics are expected to be supportive of consistently positive FCF margins in the low-single digits in FY 2022 and beyond,” Fitch said in a press release.

FLWK will use the term loan proceeds to refinance borrowings that were in part used to complete the acquisition of SemiTorr.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.