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S&P puts Interpool on negative watch
Standard & Poor's said it placed Interpool Inc.'s BB corporate credit rating, B+ senior unsecured rating and B preferred stock on CreditWatch with negative implications following the company's announcement that it has received an offer to be acquired by its non-public stockholders - including current CEO Martin Tuchman, other significant stockholders and their families and investment affiliates - who currently own 18.5 million of the 29.3 million shares outstanding. Debt financing for up to $1.8 billion has already been committed for the proposed acquisition, a portion of which could refinance the company's outstanding debt of approximately $1.4 billion. It is intended that current management would remain in place.
The agency said that if an acquisition were to be consummated, by either the non-public stockholders or another party, it could result in a weaker financial profile for Interpool.
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