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S&P: Home Depot unchanged
Standard & Poor's said that Home Depot Inc.'s (BBB+/stable/A-2) announced revised HD Supply sale terms have no immediate impact on the company's ratings.
The agency said that Home Depot announced that it had revised the sale terms of HD Supply to a consortium of private equity investors, including Clayton, Dubilier & Rice, the Carlyle Group and Bain Capital, adding that the price was lowered by $1.8 billion to $8.5 billion, net proceeds are expected to be around $7.9 billion.
Home Depot will also guarantee $1 billion of senior unsecured loans of HD Supply, which S&P said it will count as debt for Home Depot.
According to S&P, Home Depot has already committed to purchasing 250 million shares between $37.00 and $42.00 per share through its modified Dutch tender offer which expires on Aug. 31.
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