Recovery Report: Elo Touch Solutions Inc.'s Recovery Rating Profile May 12
Standard & Poors, May 2012
Abstract
Standard & Poor's Ratings Services is assigning preliminary issue-level and recovery ratings to touch screen supplier Elo Touch Solutions Inc.'s new credit facilities. The company is spinning out of TE Connectivity Ltd. and being acquired by The Gores Group. Our simulated default scenario contemplates a default occurring in 2015, due to competitive pressure from other low-cost touch screen makers, coupled with the rapid growth of tablets and mobile devices. The spun-off company will have its own capital structure, comprising first- and second-lien credit facilities. Incremental facilities are allowed up to $75 million of first-lien and $50 million of second-lien baskets, provided that the pro forma first-lien leverage ratio and total leverage ratio, respectively, do not exceed what they are at...
Companies mentioned in this report are: Elo Touch Solutions Inc.
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: Full Analysis
Elo Touch Solutions Inc.
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