ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Belden Inc.’s Proposed Euro 350 Million Subordinated Notes Assigned ‘BB-‘ Rating (Recovery Rating: 5)

          NEW YORK (S&P Global Ratings) March 6, 2018--S&P Global Ratings today assigned its 'BB-' issue-level rating and '5' recovery rating to St. Louis-based cable, connector, and component manufacturer Belden Inc.'s proposed EUR350 million 10-year senior subordinated notes. The '5' recovery rating indicates our expectation for negligible (10% to 30%; rounded estimate 15%) recovery in the event of a payment default. 
          The company will use proceeds from the new debt issuance to refinance its existing EUR200 million senior subordinated notes maturing in 2023 and $200 million senior subordinated notes maturing in 2024. The company intends to use proceeds from the proposed notes to fund a call or tender offer of the outstanding notes and pay related transaction fees and expenses. The existing senior secured bank loan ratings and the subordinated note ratings are unaffected by this transaction. 
          Our 'BB' corporate credit rating and stable outlook on the company are also unchanged by the proposed transaction. The ratings on Belden reflect the company's fair business risk profile, characterized by its participation in a highly competitive and cyclical industry, offset by a leading market position in some of its product niches and continuing diversification into value-added specialty products. The rating also reflects the company's significant financial risk profile with expected S&P Global Ratings-adjusted leverage of around 3x in fiscal 2018.