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S&P puts Edgewell on watch
S&P said it placed its BB issuer credit rating on Edgewell Personal Care Co. on CreditWatch with negative implications.
Edgewell has entered into an agreement to acquire Harry's Inc. for $1.37 billion, consisting of $1.085 billion cash and $285 million stock. Assuming the transaction closes, S&P estimates Edgewell's pro forma adjusted leverage could reach 6.0x, compared with about 3.5x currently.
“It is possible we could lower the issuer credit rating by more than one notch given the significant expected pro forma credit ratio deterioration,” S&P said in a news release.
S&P also placed its BB senior unsecured note rating on CreditWatch with negative implications.
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