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Alere Inc. $2B Senior Secured Facility Assigned 'BB-' Rating (Recovery Rating: 2) Jun 11
Standard & Poors, June 2011
Abstract
We are assigning our 'BB-' senior secured debt rating, along with a '2' recovery rating, to U.S. medical diagnostic manufacturer Alere's $2 billion senior secured credit facility. At the same time, we are affirming our 'B+' corporate credit rating on Alere. The company intends to use the proceeds from the new credit facility to refinance its existing first- and second-lien term loans, as well as conduct a $200 million share repurchase program. The stable outlook reflect our expectations that despite an aggressive financial risk profile, the company has a successful operating and acquisition track record that has seen its sales more than double to over $2 billion currently from under $840 million in 2007. TORONTO (Standard & Poor's) June 17,...
Companies mentioned in this report are: Alere Inc.
Action: Affirmed
Action: New Rating
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.
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