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BakerCorp Assigned 'B' Corporate Credit Rating, Various Issue-Level And Debt Ratings Assigned; Outlook Is Stable May 11
Standard & Poors, May 2011
Abstract
U.S.-based BakerCorp, a provider of solutions for the liquid and solid containment equipment rental business, is being acquired by Permira Advisers LLC. The company will fund the transaction with a combination of bank debt and high-yield notes offered by BakerCorp International Inc., a newly formed parent of BakerCorp, and with equity provided by the new sponsor and certain management stockholders. We are assigning a 'B' corporate credit rating to BakerCorp. At the same time, we are assigning a 'B' issue-level rating with a recovery rating of '3' to BakerCorp International Inc.'s new bank debt, and a 'CCC+' issue-level rating with a '6' recovery rating to its proposed offering of $240 million senior unsecured notes due 2019. The stable outlook reflects...
Companies mentioned in this report are: BakerCorp,BakerCorp International Inc
Action: New Rating
Action: Outlook: Stable
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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