...BOSTON (S&P Global Ratings) Dec. 2, 2016--S&P Global Ratings today placed its '###' issue-level ratings on Teleflex Inc.'s senior secured debt on CreditWatch with negative implications after Teleflex announced its plan to acquire Vascular Solutions Inc. for about $1 billion. The recovery rating on this debt remains '1', indicating expectations of very high recovery (90%-100%) of principal in the event of a default. Teleflex plans to fund this with $750 million of new senior secured term loan debt and an additional draw of $250 million on the revolver. As part of this transaction the company plans to upsize its revolver by $150 million to $1 billion. The increase in secured debt as a proportion of total debt significantly weakens our recovery expectations on the secured debt. We therefore expect to revise the recovery rating on the company's secured debt to '3' consistent with recovery expectations in the range of 50%-70%, from '1' (consistent with recovery expectations of 90%-100%) and...
