S&P puts Centerplate on positive watch

S&P said it placed its B corporate credit rating on Centerplate Inc. on CreditWatch with positive implications.

In addition, S&P placed its B+ issue-level rating on the company's revolver and first-lien term loan on CreditWatch with positive implications.

The CreditWatch placement follows the announcement that Sodexo has entered into a definitive agreement to acquire Centerplate for $675 million.

“We expect the transaction to close by the end of this year. If the transaction closes, Centerplate would become part of financially stronger Sodexo (A-/stable/A-1),” S&P said in a news release.

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