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Recovery Report: Intersil Corp.'s Recovery Rating Profile Sep 11 Product Image

Recovery Report: Intersil Corp.'s Recovery Rating Profile Sep 11

  • Published: September 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services is assigning a recovery rating to Milpitas, Calif.-based semiconductor company Intersil Corp.'s first-lien revolving credit facility due 2016. The company used proceeds from the revolving credit facility to redeem outstanding term loan debt; subsequent to the term loan repayment, outstanding revolver borrowings represent Intersil's only funded debt. The company's issue-level and recovery ratings remain unchanged. Our simulated default scenario contemplates a default occurring in 2016 as a result of excess industry capacity, driving down average selling prices and eroding margins. The $325 million first-lien revolving credit facility issued by Intersil Corp. represents the only funded debt in the company's capital structure. Obligations under the revolver are fully and unconditionally guaranteed by each of the company's...

Companies mentioned in this report are: Intersil Corp.

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Intersil Corp.

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