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Allison Transmission Inc.'s Proposed $550 Million Senior Unsecured Notes Are Rated 'B-'
Standard & Poors, Oct 2007
Abstract
NEW YORK (Standard & Poor's) Oct. 4, 2007--Standard & Poor's Ratings Services said today that it assigned its 'B-' rating to Allison Transmission Inc.'s proposed $550 million senior unsecured notes due 2015. The company plans to sell the notes privately under Rule 144A of the Securities Act of 1933, and the notes will not have registration rights. We expect Allison to use the proceeds from the notes to repay a portion of its $1.1 billion bridge loan. Standard & Poor's also affirmed the 'B+' corporate credit rating on Allison. The outlook is negative. The Carlyle Group and Onex Corp. acquired Indianapolis, Ind.-based Allison, a manufacturer of automatic transmissions for commercial vehicles, in August from General Motors Corp. in an LBO....
Companies mentioned in this report are: Allison Transmission Inc.
Action: Affirmed
Action: New Rating
Action: Outlook: Negative
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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