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S&P: Ryerson on watch
Standard & Poor's said it placed its B+ corporate credit and B- senior unsecured debt ratings on Ryerson Inc. on CreditWatch with negative implications.
According to the agency, the CreditWatch listing follows the announcement that Ryerson had entered into a definitive merger agreement in which Platinum Equity (unrated) will acquire the company in a transaction valued at about $2.0 billion.
Under the agreement, an affiliate of Platinum Equity will acquire all of the outstanding shares of Ryerson common and convertible preferred stock for $34.50 per share in cash, S&P said.
In resolving the CreditWatch listing, the agency said it will review the company's business strategy, capital structure and liquidity.
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