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Moody's: Euramax direction uncertain
Moody's Investors Service said it placed Euramax International, Inc.'s (Ba3 senior implied rating) ratings on review, direction uncertain, following the company's announcement that it has entered into an agreement and plan of merger with GSCP Amax Acquisition, LLC, an entity organized by Goldman Sachs Capital Partners and Euramax management.
Also on review are Euramax's B2 rated $200 million guaranteed senior subordinated notes due 2011 and B1 senior unsecured issuer rating.
The new ownership will acquire all of the outstanding stock of Euramax and, pursuant to a change of control provision, will redeem all of its $200 million senior subordinated notes due 2011.
During the review process, Moody's said it will focus on the proposed purchase price and capital structure.
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