S&P: Longyear on watch

Standard & Poor's said it placed its B+ corporate credit rating on Longyear Holdings Inc. on CreditWatch with negative implications.

The agency said that the CreditWatch placement is the result of a proposed transaction in which the company will significantly increase its debt to $1.27 billion from a June 30 level of $578 million.

The increase is intended to finance a 51% equity investment in Longyear by institutional investors led by Macquaire Bank Ltd., finance the Drillcorp acquisition, and refinance existing debt facilities at Longyear, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.