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Alere Inc. Proposed $200 Mil. Incremental Term Loan B Assigned 'BB-' Issue Rating (Recovery Rating: 2) Nov 11
Standard & Poors, Nov 2011
Abstract
NEW YORK (Standard & Poor's) Nov. 22, 2011--Standard & Poor's Rating Services said today that it assigned its 'BB-' issue-level rating and '2' recovery rating to Waltham, Mass.-based Alere Inc.'s proposed $200 million incremental term loan B; the same as the ratings on Alere's existing $2.1 billion senior secured credit facility. The incremental term loan will mature on June 30, 2017 and will have the same terms and conditions as the existing senior secured credit facility. The company will use the proceeds to repay $150 million of borrowings from its revolving credit facility, fund cash to the balance sheet, and pay transaction fees and expenses. As of Sept. 30, 2011, adjusted debt leverage was 6.3x; this financing is relatively neutral...
Companies mentioned in this report are: Alere Inc.
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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