New York, August 27, 2015 -- Acelity Holdings, Inc., parent of Acelity L.P. (B2, Negative), a maker of wound care and regenerative medicine products, filed for an initial public equity offering. An IPO would be credit positive for Acelity, which said in its filing it plans to use the equity sale proceeds to repay a portion of its $612 million 12.5% senior notes due 2019. Depending on the amount of debt repayment, we could stabilize the outlook (currently negative). However, we do not see immediate upward pressure on the ratings given our expectation that leverage following the IPO will likely remain above our 5.5 times leverage trigger for an upgrade.

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