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S&P puts Wall Street on watch
S&P said it placed the B issuer credit rating on Wall Street Systems Holdings Inc. on CreditWatch with negative implications, reflecting the increased leverage expected at the combined business.
The agency said it anticipated resolving the CreditWatch placement when the acquisition closes or all outstanding debt is repaid.
Wall Street Systems plans to merge with OpenLink International Holdings Inc. and Triple Point Holdings Inc. to form ION Corporate Solutions Finance Ltd.
The $1.96 billion first-lien term loan raised at ION Corporates will be used to repay the existing debt of the three entities, S&P said.
The agency said it will resolve the CreditWatch when the merger closes or when all of Wall Street Systems outstanding debt is repaid.
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