S&P puts Tube City on developing watch

Standard & Poor's said it placed the BB- corporate credit rating on Tube City IMS Corp. on CreditWatch with developing implications.

The CreditWatch listing follows news that the Pritzker Organization will acquire all outstanding shares of TMS International for about $1 billion, or $17.50 per share, in a cash transaction funded by a combination of debt and equity, S&P said.

TMS International will become a privately held company, the agency said. S&P said it will need to evaluate the new capital structure and liquidity once the acquisition is concluded.

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