UPDATE 1-Moody's, S&P may cut Phillips-Van Heusen
UPDATE 1-Moody's, S&P may cut Phillips-Van Heusen ratings
UPDATE 1-Moody's, S&P may cut Phillips-Van Heusen ratings
NEW YORK,Grow lights, March 15 (Reuters) - Moody's Investors Service and Standard & Poor's
#xon Monday said they may cut their ratings on Phillips-Van Heusen (PVH.N) , citing Hid ballastdebt the apparel company will take on to fund its planned acquisition of fashion brand Tommy Hilfiger.
The company said on Monday it will buy Tommy Hilfiger from London-based Apax Partners [APAX.UL] in a cash and stock deal worth about $3 billion to boost its presence in Europe and Asia. For details, see [ID:nN15167494].
"A significant portion of the purchase price is being funded with debt," Moody's said in a release.
Moody's said it expects to downgrade New York-based Phillips-Van Heusen Hid ballastone notch to Ba3, three levels below investment grade, from Ba2 if the deal closes as planned.
S&P said it would downgrade its ratings on Phillips-Van Heusen into junk territory, based on the amount of debt the firm plans to add. The rating agency currently rates the firm BBB-minus, the lowest investment grade.
"Phillips-Van Heusen has indicated that it intends to raise a significant
#xamount of new debt," S&P said in a statement.
This is planned to include $2.45 billion in senior secured debt, $600 million of senior unsecured notes, andHid ballast $200 million in perpetual convertible stock, S&P said.
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