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Bulletin: Allison Transmission's Possible Term Loan Repurchases At Market Prices Would Not Affect Rtgs
Standard & Poors, Nov 2008
Abstract
NEW YORK (Standard & Poor's) Nov. 24, 2008--Standard & Poor's Ratings Services said today that its ratings on Allison Transmission Inc. (B+/Negative/--) are not immediately affected by the company's possible repurchase of term loan debt at a discount to par. Allison has not announced plans for a tender offer as of today. However, it recently received permission from holders of its $3.1 billion senior secured term loan to use up to $750 million to buy back debt at market prices over the life of the term loan, which matures in 2014. Lenders who elect to tender their debt to the company would be paid in cash, with the price determined through a Dutch auction process. Although such repayments would likely...
Companies mentioned in this report are: Allison Transmission Inc.
Action: Bulletin
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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