• +353-1-415-1241(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Research Update: Baker Tanks Ratings Lowered to 'B' from 'B+' on Distribution to Shareholders; Outlook Stable Product Image

Research Update: Baker Tanks Ratings Lowered to 'B' from 'B+' on Distribution to Shareholders; Outlook Stable

  • Published: January 2005
  • Standard & Poors

FEATURED COMPANIES

Abstract
On Jan. 21, 2005, Standard & Poor's Ratings Services lowered its ratings on Baker Tanks Inc., including lowering the corporate credit rating to 'B' from 'B+'. Baker Tanks is increasing its term loan to $175 million from the current outstanding balance of $121 million. Current cash balances along with net proceeds from the increased bank facility and issuance of an additional $7.5 million of operating company mezzanine debt will be used to make a distribution to equity holders and redeem $23 million of holding company mezzanine debt. At the same time, Standard & Poor's affirmed its recovery rating of '3' on the company's increased bank facility. The outlook is stable. The downgrade reflects higher leverage and a more aggressive financial...

Companies mentioned in this report are: BakerCorp
Action: Downgraded

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, READ MORE >

BakerCorp

Format Properties
Electronic The report will be emailed to you.
Note: Product cover images may vary from those shown
More

RELATED PRODUCTS