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S&P keeps Triad Hospitals on watch
Standard & Poor's said its corporate credit rating on Triad Hospitals (B+/Watch Neg/B-2) remains on CreditWatch with negative implications, where it was originally placed on Feb. 5.
The agency said that this follows the announcement that the company has entered into a definitive agreement to be acquired by Community Health Systems Inc. for $54.00 per share, or about $6.8 billion.
The total value of this deal exceeds the $6.4 billion offer made by CCMP Capital Advisors and GS Capital Partners in February, according to S&P, which said that if Triad is acquired by Community, Triad's existing bank debt will be repaid and terminated and all its senior unsecured and subordinated debt will be repaid.
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