Research Update: 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.

Product Type: Research Update
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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. On April 29, 2011, Standard & Poor's Ratings Services placed its ratings on Fremont, Calif.-based SMART Modular Technologies (WWH) Inc., including the 'BB-' corporate credit rating, on CreditWatch with negative implications...

Companies mentioned in this report are: SMART Modular Technologies (WWH) Inc.
Action: On CreditWatch:Negative

SMART Modular Technologies (WWH) Inc.

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