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S&P: Triumph on watch
Standard & Poor's said it placed its ratings on Triumph Group Inc., including the BB corporate credit rating, on Creditwatch with negative implications.
The action reflects the proposed acquisition of Vought Aircraft Industries Inc. (B/watch positive) by Triumph for $1.44 billion, which includes $525 million in cash, refinancing of Vought's existing debt, and about $460 million in Triumph's stock, the agency noted.
According to S&P, Triumph expects to fund the transaction with a combination of current and new credit facilities and other financings.
Pro forma debt to pro forma adjusted EBITDA was about 3.2x as of Dec. 31, the agency said.
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