S&P rates Signify BBB-

S&P said it assigned a BBB- rating to Signify NV. The company issued €1.191 billion of new term loans and a €1.263 billion bridge loan to refinance its debt and secure the acquisition of Cooper Lighting Solutions. The company intends to refinance the bridge loan by issuing a eurobond.

Signify acquired Cooper from Eaton on Monday. The acquisition provides Signify with an opportunity to expand its presence in the large U.S. professional lighting market. Acquiring Cooper enables Signify to expand its channel coverage and to build on Cooper's relationships with retailers, distributors and agents. Signify is the largest company in the global lighting industry.

The outlook is stable.

© 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.