Moody's assigns Steris notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to Steris Irish FinCo Unlimited Co.'s planned offering of senior unsecured notes. Moody's also affirmed the Baa2 issuer rating of Steris plc.

The note will be jointly and severally guaranteed on an unsecured basis by Steris plc, Steris Corp. and Steris Ltd. “Due to the guarantee structure, Moody's views the note issued by Steris Irish FinCo to be pari-passu with the existing debt obligations of Steris plc, Steris Corp. and Steris Ltd.,” the agency said in a press release.

Proceeds and borrowings under the company's bank credit facilities will be used to fund the cash portion of Cantel Medical Corp.'s acquisition. Proceeds will also be used to repay Cantel’s debt, pay transaction fees and fund general corporate expenses and working capital needs.

The outlook is stable.

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