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Bulletin: Universal Hospital Services Inc. Proposed Add-On Will Not Affect Ratings, Outlook Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that Edina, Minn.-based Universal Hospital Services Inc.'s proposed $175 million add-on to the company's outstanding $230 million 8.50% second-lien senior secured pay-in-kind (PIK) toggle notes due 2015 does not affect the B+/Stable/-- corporate credit rating on the company. The 'B+' rating on the PIK toggle notes also is unchanged. Proceeds from the add-on will be used to repay revolving credit borrowing and to pay a $34.5 million dividend. A substantial portion of the revolver borrowing had been used to finance the acquisition of Emergent Group Inc. on April 1, 2011. We believe the financing improves the company's liquidity, although the transactions raise debt leverage. The company's...
Companies mentioned in this report are: Universal Hospital Services 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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