TEXT-S&P rates Reliance Intermediate Holdings 'BB+'
Overview -- We are assigning our 'BB+' long-term corporate credit rating, and stable outlook, to Reliance Intermediate Holdings LP and subsidiary Reliance LP (collectively, Reliance), taking into...
View ArticleTEXT-S&P cuts ADT Corp's CCR to 'BBB-', outlook is stable
Overview -- U.S. residential and small business alarm monitoring company ADT Corp. announced that its board of directors authorized a $2.0 billion share repurchase program over three years, expiring...
View ArticleTEXT-S&P assigns Greektown Superholdings 'B' rating
Overview -- U.S. gaming operator Greektown Superholdings Inc. plans to issue $455 million in new senior secured debt to refinance its existing debt. -- We are assigning Greektown our 'B' corporate...
View ArticleTEXT-S&P assigns NBTY Inc notes preliminary 'B-' rating
Overview -- U.S.-based NBTY Inc. proposed today a $500 million notes issuance in order to fund an approximately $700 million investor dividend; the remainder is to be funded with cash from the balance...
View ArticleTEXT-S&P revises Martin Midstream outlook to stable from negative
Overview -- U.S. midstream energy partnership Martin Midstream Partners' (Martin) announced its intent to sell the majority of its natural gas gathering and processing assets to a subsidiary of...
View ArticleTEXT-S&P rates Cornerstone Healthcare Group Holding 'B'
Overview -- Dallas, Texas-based long-term acute care hospital operator Cornerstone Healthcare Group Holding Inc. will issue a new term loan facility. -- Cornerstone will use proceeds from the term...
View ArticleTEXT-S&P revises SNL Financial outlook to stable from positive
Overview -- U.S. financial data provider SNL Financial LC is refinancing its existing credit facility and paying a $50 million dividend to shareholders. -- We are affirming our 'B' corporate credit...
View ArticleTEXT-S&P rates NAB Holdings 'BB-'
Overview -- We are assigning our 'BB-' corporate credit rating to U.S. merchant acquirer and payment processor NAB Holdings. -- We are also assigning a 'BB+' rating to the company's proposed $160...
View ArticleTEXT-S&P assigns Connolly 'B' corporate credit rating
Overview -- Private equity sponsor Advent International Corp. is acquiring U.S.-based recovery audit services provider Connolly LLC in a leveraged buyout. The company is financing the transaction with...
View ArticleTEXT-S&P rates ADT Corp 'BBB', outlook is stable
June 27 - Overview -- Tyco International Ltd. plans to spin off its North American residential and small business alarm monitoring business, ADT Corp. In connection with the spin-off, ADT plans to...
View ArticleTEXT-S&P raises Crown Media rating to 'B+' from 'B'
Overview -- U.S. cable network company Crown Media Holdings improved the audience ratings and distribution of its cable networks in recent quarters, resulting in higher EBITDA and lower leverage than...
View ArticleTEXT-S&P rates Wabash National Corp 'B+'
June 15 - Overview -- Wabash National Corp., a diversified manufacturer of truck trailers, has secured a $300 million term loan and issued $150 million in convertible notes to fund its acquisition of...
View ArticleTEXT-S&P raises United States Infrastructure's issue rating
Overview -- We believe Carmel, Ind.-based United States Infrastructure Corp. will continue to benefit from cost synergies from its acquisition of Consolidated Utility Services Inc. and a slow recovery...
View ArticleTEXT-S&P revises TransUnion outlook to negative
Overview -- U.S. credit and information management solutions provider TransUnion announced today that it plans to issue $400 million of Holdco PIK toggle notes to finance a dividend to shareholders....
View ArticleTEXT-S&P rates NP Opco
Overview -- Las Vegas-based gaming operator Station Casinos' subsidiaries NP Opco LLC (Opco) and Station GVR Acquisition LLC (GVR) closed a $775 million senior secured credit facility to refinance...
View ArticleTEXT-S&P affirms Dunkin' Brands 'B+' ratings after loan increase
Overview -- Global fast food restaurant franchisor Dunkin' Brands is issuing a $400 million add-on senior secured term loan to fund shareholder initiatives and general corporate purposes. -- We are...
View ArticleTEXT-S&P raises Total System Services to 'BBB+'
June 22 - Overview -- U.S. card and payment processing service provider Total System Services Inc. (TSYS) continues to increase its organic revenues in the mid- to high-single digits, including...
View ArticleTEXT-S&P assigns ABB/Con-Cise Optical Group prelim 'B' ratings
Overview -- Private equity firm New Mountain Capital has agreed to acquire Coral Springs, Fla.-based ABB/Con-Cise Optical Group LLC. -- We are assigning our preliminary 'B' corporate credit rating to...
View ArticleTEXT-S&P affirms Rock-Tenn ratings
Overview -- U.S.-based paper packaging company Rock-Tenn Co. plans to issue $300 million of senior unsecured notes due 2020 and $300 million of senior unsecured notes due 2023. -- We are affirming all...
View ArticleTEXT-S&P raises Flowserve ratings to 'BBB-' from 'BB+'
Overview -- U.S.-based flow control equipment manufacturer and engineered solutions company Flowserve Corp. has shown good operating performance and stronger-than-expected credit metrics. -- Flowserve...
View ArticleTEXT-S&P rates Elan Corp's proposed notes 'BB-'
Overview -- Dublin, Ireland-based specialty pharmaceutical manufacturer Elan Corp. plans to spin off its drug discovery unit by year-end, subject to shareholder and bondholder approval. -- We are...
View ArticleTEXT-S&P rates Waupaca Foundry 'B+' on LBO
Overview -- Waupaca Foundry Inc., an iron casting company serving the light vehicle, commercial vehicle, off-highway, and industrial sectors, has been acquired by KPS Capital Partners L.P. from...
View ArticleTEXT-S&P rates Deluxe Corp. notes 'BB-'
Overview -- Deluxe Corp. is issuing $200 million of new senior unsecured notes due 2020 to refinance existing debt. -- We are assigning our 'BB-' issue-level rating with a '4' recovery rating to the...
View ArticleTEXT-S&P raises Reliance Steel & Aluminum to 'BBB'
July 31 - Overview -- We expect Reliance Steel & Aluminum Co. to continue generating margins in the 8% to 10% area while maintaining a conservative financial policy that allows it to comfortably...
View ArticleTEXT-S&P cuts Pharmaceutical Product Development to 'B'
Overview -- Wilmington, N.C.-based contract research organization (CRO) Pharmaceutical Product Development LLC (PPD) is issuing $500 million in notes that, together with $115 million in cash, the...
View ArticleTEXT-S&P raises Jabil Circuit ratings to 'BBB-' from 'BB+'
Overview -- We are raising our corporate credit and senior unsecured issue ratings on U.S. electronic manufacturing services (EMS) provider Jabil Circuit to 'BBB-' from 'BB+', reflecting its improved...
View ArticleTEXT-S&P assigns 'BB' rtg to Starz LLC
Overview -- U.S. cable network operator Starz LLC and Starz Finance Corp. are issuing $500 million unsecured notes due 2019. -- We are assigning our 'BB' corporate credit rating to the company. The...
View ArticleTEXT-S&P revises AutoTrader.com outlook to stable from negative
Overview -- U.S. online automotive advertising company AutoTrader Group Inc. has performed well over the last two quarters and its cushion of compliance with financial covenants has increased. -- We...
View ArticleTEXT-S&P revises AdvancePierre Foods outlook to stable from negative
Overview -- AdvancePierre Foods is refinancing its existing debt and paying a special dividend to its shareholders. -- We are affirming our 'B' corporate credit rating on AdvancePierre and revising...
View ArticleTEXT-S&P rates Leslie's Poolmart proposed loan 'B'
Overview -- U.S. pool supply retailer Leslie's Poolmart Inc. is refinancing its existing term loan and paying a dividend to shareholders. -- We are assigning a 'B' issue-level rating to the company's...
View ArticleTEXT-S&P rates to SXC Health Solutions 'BB'
May 22 - Overview -- SXC Health Solutions Corp. is acquiring pharmacy benefit management (PBM) company Catalyst Health Solutions Inc. for $4.4 billion. -- The purchase is being funded by about $1.2...
View ArticleTEXT-S&P rates Golf Town Canada, Major Merger Sub 'B'
July 6 - Overview -- We are assigning our 'B' long-term corporate credit rating and stable outlook to golf specialty retailer Golf Town Canada Inc. and Major Merger Sub Inc. (to be succeeded by...
View ArticleTEXT-S&P assigns Corporate Executive Board prelim 'BB-' rating
Overview -- U.S. research studies and analytical tool provider The Corporate Executive Board Co. (CEB), signed a definitive agreement to acquire SHL Group Ltd. -- We are assigning our preliminary...
View ArticleTEXT-S&P cuts Insight Global to 'B'
Overview -- Holding company IG Investments Holdings LLC is putting in place a $300 million first-lien term loan and a $130 second-lien term loan to help fund Ares Corporate Opportunities Fund III...
View ArticleTEXT-S&P revises Equinox Holdings 'B' rating
Overview -- U.S.-based fitness club operator Equinox Holdings Inc. plans to issue a new senior secured credit facility, consisting of a $100 million revolver, a $500 million first-lien term loan, and...
View ArticleTEXT-S&P rates Acosta Inc's term loan 'B+'
June 20 - Overview -- U.S. sales and marketing agency Acosta announced that it has entered into a definitive agreement to acquire Mosaic Sales Solutions for $300 million. -- Although debt funded, this...
View ArticleTEXT-S&P rates Roto Acquisition corp credit 'B'
June 11 - Overview -- Private-equity sponsor Leonard Green & Partners is acquiring U.S.-based storage tank manufacturer Roto Holding Corp. for about $830 million. -- We are assigning our 'B'...
View ArticleTEXT-S&P rates Nielsen's notes 'BB-'
Overview -- U.S.-based global information and measurement company Nielsen proposed the issuance of $750 million senior notes. -- We assigned the notes our 'BB-' issue-level rating with a recovery...
View ArticleTEXT-S&P assigns 'BB-' rating to On Assignment
Overview -- U.S. staffing company On Assignment has put in place a $540 million credit facility to fund its acquisition of Apex Systems and to refinance existing debt. -- We are assigning our 'BB-'...
View ArticleTEXT-S&P affirms Quebecor Media at 'BB'
Overview -- Montreal-based Quebecor Media Inc. is repurchasing C$1 billion of its shares from Caisse de depot et placement du Quebec as part of the latter's multi-year exit strategy. -- As a result,...
View ArticleTEXT-S&P cut Baker & Taylor to 'B-'
Overview -- Privately-held North Carolina-based Baker & Taylor Acquisitions Corp.'s fourth-quarter operating performance was weaker than we expected and the company's proposed debt refinancing...
View ArticleTEXT-S&P rates Sinclair Broadcast notes 'B'
Overview -- U.S. TV broadcaster Sinclair Television Group Inc. has proposed the issuance of $500 million of senior notes due 2022. -- We have assigned the notes our 'B' issue-level rating with a...
View ArticleTEXT-S&P rates National CineMedia
Overview -- U.S.-based theater advertising company National CineMedia LLC is amending and extending its senior secured term loan. -- We are assigning the amended and extended facilities a 'BB-'...
View ArticleTEXDT-S&P affirms Graphic Packaging International ratings
Overview -- U.S.-based Graphic Packaging announced two acquisitions to be funded from revolver borrowings and plans to enter into an incremental term loan facility to fund a share repurchase. -- We...
View ArticleTEXT-S&P cuts American Residential Services rating to 'B-'
Overview -- U.S.-based American Residential Services' (ARS') credit metrics weakened after a combination of operational factors and unfavorable weather patterns in key markets led to a decline in...
View ArticleTEXT-S&P rates Quintiles Transnational loan 'BB-'
Oct 10 - Overview -- Research Triangle Park, N.C.-based contract services provider Quintiles Transnational Corp. is issuing $175 million in incremental term debt to fund a shareholder distribution. --...
View ArticleTEXT-S&P affirms OHI Intermediate Holdings at 'B+'
Overview -- Buffalo, N.Y.-based OHI Intermediate Holdings Inc. (OHI) plans to issue a new $45 million revolving credit facility, $315 million term loan, and $40 million delayed draw term loan. -- OHI...
View ArticleTEXT-S&P rates ARCAS Intermediate-Holdings Entity
Overview -- Bridgeport, Conn.-based auto supplier ARCAS Intermediate-Holdings Entity (Sequa Auto) is being acquired by The Resolute Fund II SIE LP, an affiliate of private equity sponsor The Jordan...
View ArticleTEXT - S&P raises IAC/InterActiveCorp rating to 'BB+'
Overview -- New York City-based Internet company IAC/InterActiveCorp plans to issue $500 million in senior unsecured notes due 2022. Proceeds will be used for general corporate purposes. -- We are...
View ArticleTEXT-S&P Affirms B Rtg On Boyd Gaming; Rtg On Peninsula Gaming B
Overview -- Las Vegas-based gaming operator Boyd Gaming Corp. closed on its acquisition of Peninsula Gaming LLC last month. -- We are lowering our corporate credit rating on Peninsula to 'B' (the same...
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