Claymont Steel ratings on review for possible upgrade - Moody's |
|
|
|
Published
:
Tue, 11 Dec 2007 05:13
|
MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed Claymont Steel Inc's ratings under review for possible upgrade after the announcement that Evraz Group SA, through its subsidiary Titan Acquisition Sub Inc, has agreed to buy Claymont for 23.50 usd per share, for an aggregate price of about 565 mln usd, including debt.The ratings placed on review include the custom steel plate maker's 'B2' corporate family rating, 'B2' probability of default rating and 105 mln usd of 8.875 pct senior unsecured notes due 2015 rated 'B3'. The company's SGL-1 speculative grade rating was affirmed, Moody's said.The board of directors of Claymont has unanimously recommended that the shareholders accept the offer, the ratings agency stated.Moody's said its review will focus on the legal structure and financing arrangements for the acquisition and the strategic fit of the two companies.If Claymont's debt is retired as a result of the transaction, its ratings will be withdrawn, it added.TFN.newsdesk@thomson.comnpr/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
Evraz Group agrees to buy Claymont Steel for about 564.8 mln usd cash 