Moody's affirms Resonetics, LLC's B3 CFR; outlook stable

Moody's assigns B2 rating to Resonetics' new incremental first lien term loan - Rating Action – 2023/10/03 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Resonetics, LLC: Update to credit analysis following the ratings affirmation - Credit Opinion – 2023/02/02 – US$ 250.00 – ...Resonetics' credit profile reflects its high financial leverage, modest scale, high customer concentration and integration risk related to the company's acquisition strategy. We estimate adjusted debt/EBITDA of 7.1x pro forma the Memry acquisition and expect leverage to remain elevated at around 7x over the next 12-18 months. The company has high customer concentration with the top five customers accounting for 42% of revenues pro forma Memry. The credit profile also reflects risks associated with our view that Resonetics is likely to continue to pursue further acquisitions. The credit profile is supported by the high barriers to entry and switching costs in contract manufacturing businesses involving laser-based processes and precision grinding/machining. The credit profile also benefits from above industry average growth in demand for many of the company's services focused on interventional, diabetes care, surgical and ophthalmic surgery products, as the US population ages....

Resonetics, LLC: Update to credit analysis - Credit Opinion – 2022/04/28 – US$ 250.00 – ...Resonetics, LLC's credit profile is constrained by high financial leverage, modest scale and high customer concentration. We estimate that the company's adjusted debt/EBITDA was in mid-to-high 7.0 times range at the end of 2021 including pro forma debt and EBITDA contributions for recent acquisitions. The company has moderately high customer concentration with the top 5 customers accounting for the majority of annual revenues. The credit profile also reflects risks associated with our expectations that the company is likely to continue to pursue further acquisitions. That said, Resonetics' credit profile benefits from high barriers to entry and switching costs in contract manufacturing business involving laser-based processes and precision grinding/ machining. The credit profile also benefits from good growth in demand for many of the company's services focused on interventional, diabetes care, surgical and ophthalmic surgery products, as the US population ages....

Moody's says Resonetics' $205 million add-on to its 1st and 2nd lien term loans has no rating impact - Announcement – 2021/10/25 – US$ 180.00

Resonetics, LLC: New Issuer - Medical devices contract manufacturer focused on laser-based and other complex micro-manufacturing - Credit Opinion – 2021/04/14 – US$ 250.00 – ...Resonetics, LLC's credit profile is constrained by high financial leverage, modest scale and high customer concentration. We estimate that the company's adjusted debt/EBITDA will approach the mid 7.0 times range at the end of 2021. The company has high customer concentration with the top 5 customers accounting for about 61% of annual revenues. The credit profile also reflects risks associated with our expectations the company is likely to continue to pursue further acquisitions. That said, Resonetic's credit profile benefits from high barriers to entry and switching costs in contract manufacturing business involving laser-based processes and precision grinding/machining. The high switching costs are due to the significant amount of time and investment required for its customers to obtain product regulatory approvals. The credit profile also benefits from above industry average growth in demand for many of the company's services focused on interventional, diabetes care, surgical and ophthalmic...

Moody's assigns B3 CFR to Resonetics, LLC; outlook stable - Rating Action – 2021/04/13 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...