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| Prospect News home > News index > List of issuers F > Headlines for Franchise Group, Inc. > News item |
S&P places Franchise on watch
S&P said it placed its ratings for Franchise Group, Inc., including the B+ issuer rating, on CreditWatch with negative implications.
Franchise agreed to be acquired by a consortium led by its management group.
“The CreditWatch with negative implications reflects the probability that we could lower the ratings if we believe Franchise Group will sustain S&P Global Ratings-adjusted leverage above 5x following the close of the transaction. Members of its senior management team, led by CEO Brian Kahn (with affiliates and related parties of the senior management team) in financial partnership with a consortium that includes B. Riley Financial Inc. and Irradiant Partners, will acquire the approximately 64% of the FRG's issued and outstanding common stock that the group does not already own or control,” S&P said in a statement.
The agency said it aims to resolve the CreditWatch when it has more information from the company.
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