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Acuity Brands Inc. Subsidiary's $400 Mil. Senior Unsecured Notes Rated 'BBB-' Dec 09
Standard & Poors, Dec 2009
Abstract
NEW YORK (Standard & Poor's) Dec. 1, 2009--Standard & Poor's Ratings Services today assigned its 'BBB-' issue-level rating to Acuity Brands Lighting Inc.'s proposed $400 million senior unsecured notes due 2019. The 'BBB-' issue-level rating is the same as the corporate credit rating on Atlanta-based parent Acuity Brands Inc. We expect Acuity to use the proceeds from the new notes to repay the $200 million total principal amount of the outstanding 8.375% notes due 2010 that are validly tendered. Acuity will also use the proceeds of the notes to repay the $25 million remaining principal outstanding on an unsecured promissory note it issued along with its acquisition of Sensor Switch Inc., and for general corporate purposes. The ratings on Acuity...
Companies mentioned in this report are: Acuity Brands Inc.,Acuity Brands Lighting Inc.
Action: New Rating
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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