| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for American Seafoods Group LLC > News item |
S&P: American Seafoods on watch
Standard & Poor's said that the ratings on American Seafoods Group LLC and its wholly owned subsidiary American Seafoods Inc. remain on CreditWatch with positive implications where they were initially placed on June 5.
American Seafoods Group LLC's corporate credit rating is BB-, senior secured debt rating is BB, and subordinated debt rating is B. American Seafoods Inc.'s subordinated debt rating is B.
The CreditWatch placement follows the announcement by American Seafoods Corp., an affiliate of American Seafoods Group, that it plans an initial public offering of $675 million income deposit securities in the United States and Canada representing shares of American Seafoods Corp. common stock and newly issued notes.
In connection with this offering, American Seafoods Group expects to redeem a portion of the $175 million 10.125% senior subordinated notes due 2010 and commence a tender offer for the remainder. The completion of the redemption and tender is a condition of the IPO.
On Nov. 24, America Seafoods Group announced that the tender offer for the 10.125% notes had been extended to Jan. 9, 2004 from the original expiration date of Nov. 21, 2003. Until the tender offer is completed, American Seafoods Corp. cannot commence its proposed IPO and other financing transactions. On Jan. 12, 2004, American Seafoods Group announced that the company was again extending the tender offer expiration date to March 1, 2004.
S&P said that despite the firm's below-average business risk profile, S&P expects that, if this transaction is completed, there would be improvement in American Seafoods' financial profile, which could result in a one-notch upgrade. S&P then expects that the ratings will be withdrawn.
© 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.