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Belden Inc. New Revolving Credit Facility Assigned 'BB+' Rating (Recovery Rating: '2'); Subordinated Debt Rating Lowered
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
U.S. cable, connector, and component manufacturer Belden recently entered into a new $400 million first-lien senior secured revolving credit facility, replacing its previous $230 million first-lien senior secured revolver. While currently undrawn, we assume the facility is fully drawn under our recovery methodology, and therefore, the $170 million of incremental first-lien debt reduces expected recoveries across the entire capital structure. We assigned a 'BB+' issue-level rating and a '2' recovery rating to the new revolver. We also lowered the issue-level ratings on the company's two subordinated notes to 'B+' from 'BB-', revising the recovery ratings on the notes to '6' from '5'. The corporate credit rating remains unchanged at 'BB'. The stable outlook reflects our expectation that revenue and EBITDA...
Companies mentioned in this report are: Belden Inc.
Action: Downgraded
Action: New Rating
Action: Outlook: Stable
Action: Withdrawn
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