Moody's puts FastenTech under review

Moody's Investors Service said it placed FastenTech, Inc.'s B1 corporate family and probability-of-default ratings, Ba2 senior secured revolver due 2010 and B3 senior subordinated notes due 2011 under review with direction uncertain following the company's announcement that it is being acquired by Doncasters Group Ltd. for $492 million.

During its review, the agency will look into the implications of this transaction on FastenTech's creditors. Moody's noted that the notes indenture and the secured revolving credit facility agreement include change-of-control clauses, implying that the rated debt instruments will be repaid at closing of the transaction.

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