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Baker Tanks Inc. Assigned 'B+' CCR; Outlook Stable
Standard & Poors, Jan 2004
Abstract
NEW YORK (Standard & Poor's) Jan. 13, 2004--Standard & Poor's Ratings Services said today it assigned its 'B+' corporate credit rating to Baker Tanks Inc. At the same time, Standard & Poor's assigned its 'B+' rating to the company's proposed $145 million bank facility. A recovery rating of '3' was also assigned, indicating meaningful recovery of principal (50% to 80%), in a postdefault scenario. The rating outlook is stable. The $145 million secured facility is comprised of a $20 million revolving credit facility, maturing in 2009, and a $125 million term loan, maturing in 2011. The $125 million term loan amortizes at a rate of 1% per year, with a final balloon payment of $118.75 million. The revolving credit facility...
Companies mentioned in this report are: BakerCorp
Action: New Rating
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.
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