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API Technologies Corp. Assigned 'B+' Rating, Proposed Debt Rated 'BB-' (Recovery Rating: '2'); The Outlook Is Stable May 11
Standard & Poors, May 2011
Abstract
U.S.-based API Technologies Corp. (API) has announced it is acquiring defense contractor Spectrum Control Inc. for $270 million, funded with a $200 million term loan and the proceeds from a recently completed $103 million equity private placement. We are assigning our 'B+' corporate credit rating to API. At the same time, we are assigning our 'BB-' issue-level rating (with a recovery rating of '2') to the company's proposed $220 million secured credit facility. The stable outlook reflects our expectations of improving profitability over the next year in connection with the acquisition. NEW YORK (Standard & Poor's) May 12, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'B+' corporate credit rating to Orlando, Fla.-based API Technologies Corp....
Companies mentioned in this report are: API Technologies Corp.
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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