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S&P may lift Ohmstede
Standard & Poor's said it placed Fr X Ohmstede Acquisitions Co.'s long-term B- corporate credit rating on CreditWatch with positive implications.
Also on watch are the company's senior secured $170 million first-lien term bank loan due 2013 rated B with a recovery rating of 2, $70 million second-lien term bank loan due 2014 rated CCC with a recovery rating of 6 and $30 million first-lien revolving credit facility due 2011 rated B with a recovery rating of 2.
The rating action follows the announcement of the $455 million all-cash purchase of Ohmstede by Emcor Group Inc. (BB+/stable), reflecting Emcor Group's superior credit strength, according to S&P.
The deal is expected to close late September or early October, the agency said.
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