S&P: Coinmach unaffected

Standard & Poor's said the ratings and outlook on Coinmach Service Corp. (B/stable) would not be immediately affected by its announced tender offer to purchase all of its outstanding $136.2 million 11% senior secured notes due 2024. Details of the source of funding for the tender have not yet been disclosed.

Should the senior notes be refinanced with debt, S&P said there would be no impact to the company's ratings or outlook as Coinmach's financial profile is constrained by its significant cash flow requirements to fund capital expenditures, interest and expected dividends (resulting from the company's November 2004 IDS recapitalization).

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