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S&P gives BBB- to Expedia notes
Standard & Poor's said it assigned its BBB- issue-level rating to Expedia Inc.'s proposed senior unsecured notes.
The issue-level rating is at the same level as the corporate credit rating.
The agency expects the company to use proceeds to partially fund its acquisition of HomeAway Inc. and for general corporate purposes.
In November, Expedia agreed to acquire HomeAway for roughly $3.9 billion, with $1 billion in cash and the remainder in Expedia shares. Pro forma for its acquisition of Orbitz Worldwide Inc. (which closed in September) and HomeAway, S&P estimates that Expedia's adjusted debt leverage was 1.8 times to 1.9 times (net of the estimate of excess cash) as of Sept. 30.
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