SMART Modular Technologies (WWH) Inc. Downgraded To 'B+' After Going-Private Transaction Announced Jun 11

Standard & Poors, June 2011

Abstract
On April 26, 2011, global memory module and solid state drive manufacturer SMART Modular announced it will enter into a going-private transaction with affiliates of private-equity sponsors Silver Lake Partners and Silver Lake Sumeru in a deal valued at $645 million. The proposed transaction will include $350 million in senior secured credit facilities, comprised of a $50 million revolving credit facility (unrated) and a $300 million term loan. We are removing the ratings from CreditWatch and lowering the corporate credit rating on the company to 'B+' from 'BB-'. We are also assigning a preliminary 'B+' rating to SMART's proposed senior secured credit facilities, with a preliminary recovery rating of '4'. The stable outlook reflects SMART's pro forma leverage and low...

Companies mentioned in this report are: SMART Modular Technologies (WWH) Inc.
Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

SMART Modular Technologies (WWH) Inc.

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