SMT, PCB Electronics Industry News

Reptron's Credit Rating Takes a Hit

Feb 05, 2003

Standard & Poor's Ratings Services has lowered its corporate credit rating on Reptron Electronics Inc. to 'D' from 'B-' and its subordinated note rating to 'D' from 'CCC'.

The Tampa, Fla. company did not make the semiannual interest payment due on Feb. 1, 2003, on its 6 3/4% convertible bonds. Reptron is in default of its loan and security agreement with secured lenders, as operating results did not meet certain financial covenants for 2002.

Reptron has total debt of approximately $120 million. Sales and profitability were severely depressed in 2002 due to challenging business conditions in both of Reptron's major business lines, electronics components distribution, and electronics manufacturing services. The company derives more than half of its revenue from manufacturing services.

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