Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5' - S&P Global Ratings’ Credit Research

Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5'

Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5' - S&P Global Ratings’ Credit Research
Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5'
Published Nov 16, 2017
4 pages (1504 words) — Published Nov 16, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today assigned its 'BB' issue-level rating to Wayne, Pa.-based medical device company Teleflex Inc.'s proposed $500 million senior unsecured note offering. The recovery rating is '5', indicating our expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of default. We expect Teleflex to use the proceeds from this debt to pay down amounts outstanding on its revolver, which was drawn to fund a portion of its previously announced acquisition of NeoTract Inc. We also raised our issue-level rating on Teleflex Inc.'s first-lien debt to 'BBB-' from 'BB+', including the company's $1 billion revolver and its $750 million first-lien term loan. We revised the recovery rating on this debt

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today assigned its '##' issue-level rating to Wayne, Pa.-based medical device company Teleflex Inc.'s proposed $500 million senior unsecured note offering. The recovery rating is '5', indicating our expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of default. We expect Teleflex to use the proceeds from this debt to pay down amounts outstanding on its revolver, which was drawn to fund a portion of its previously announced acquisition of NeoTract Inc. We also raised our issue-level rating on Teleflex Inc.'s first-lien debt to '###-' from '##+', including the company's $1 billion revolver and its $750 million first-lien term loan. We revised the recovery rating on this debt to '2' from '3'. The '2' recovery rating indicates our expectation of meaningful (70%-90%; rounded estimate: 75%) recovery in the event of default. Recovery prospects on the company's first-lien debt are improved as the proportion...

  
Report Type:

Ratings Action

Ticker
TFX
Issuer
Teleflex Inc.
GICS
Health Care Equipment (35101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5'" Nov 16, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Teleflex-Inc-First-Lien-Debt-Rating-Raised-To-BBB-New-Debt-Rated-BB-Recovery-Rating-5-1950717>
  
APA:
S&P Global Ratings’ Credit Research. (). Teleflex Inc. First-Lien Debt Rating Raised To 'BBB-'; New Debt Rated 'BB' (Recovery Rating: '5' Nov 16, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Teleflex-Inc-First-Lien-Debt-Rating-Raised-To-BBB-New-Debt-Rated-BB-Recovery-Rating-5-1950717>
  
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