S&P: Allis-Chalmers unaffected

Standard & Poor's said the B corporate credit rating for Allis-Chalmers Energy Inc. would not be affected by the company's acquisition of Bronco Drilling Co. Inc. for $280 million in cash and $158 million in stock.

The outlook is stable.

Allis-Chalmers has secured a bridge loan to finance the cash part of the acquisition, according to the agency.

If the company finances the cash portion with debt, S&P said the issuer's debt-to-pro forma EBITDA ratio would be about 3 times.

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