S&P rates Immucor loans BB-, notes B-

Standard & Poor's said it assigned a B+ corporate credit rating to Immucor Inc. and a BB- debt rating to its $715 million secured bank facility, consisting of a $100 million revolving credit facility and $615 million term loan B.

The 2 recovery rating on the loans indicates expectation of 70% to 90% recovery.

The agency also assigned a B- debt rating and 6 recovery rating to the company's $400 million unsecured notes.

"The ratings on Immucor Inc. reflect our expectations that revenues and EBITDA will continue to grow in the low single-digits, propelled by the trend toward automation and contract price escalators, despite depressed demand for blood testing in the U.S.," S&P analyst Cheryl Richer said in a statement.

As a result of the TPG Capital acquisition, the initial adjusted debt-to-EBITDA ratio exceeds 6x.

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