S&P puts International Wire on watch

S&P said it placed the B rating on International Wire Group Holdings Inc. on CreditWatch with negative implications, along with the B issue rating on its senior secured debt.

The CreditWatch placement follows news that International Wire will be acquired by affiliates of Atlas Holdings LLC, S&P said.

Under the terms of the deal, Atlas will acquire all outstanding shares of International Wire's common stock in cash for $10.70 per share, translating to about $50 million in proceeds, the agency said.

The negative watch will be resolved after the agency assesses the company's operations and capital structure pro forma for the transaction under the new ownership.

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