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SMART Modular Technologies (WWH) Inc. 'BB-' Rating On CreditWatch Negative Because Of Pending Going-Private Transaction
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
U.S. memory module and solid state drive manufacturer SMART Modular announced it will enter into a going-private transaction with private-equity sponsors Silver Lake Partners and Silver Lake Sumeru in a deal valued at $645 million. The proposed transaction will include a $350 million senior secured credit facility including a $50 million revolving credit facility and a $300 million last-out term loan. We are placing our 'BB-' corporate credit on SMART and our 'BB+' issue-level ratings on the company's senior secured notes on CreditWatch Negative, reflecting prospects for higher leverage. NEW YORK (Standard & Poor's) April 29, 2011--Standard & Poor's Ratings Services said today that it placed its ratings on Fremont, Calif.-based SMART Modular Technologies (WWH) Inc., including the 'BB-' corporate...
Companies mentioned in this report are: SMART Modular Technologies (WWH) Inc.
Action: On CreditWatch:Negative
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