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Bulletin: API Technologies Corp. Ratings Not Affected By The Company's Revised Acquisition Financing Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on API Technologies Corp. (API; B+/Stable/--) are not affected by the announcement that the company plans to downsize the term loan backing its $270 million acquisition of Spectrum Controls Inc., which closed on June 1, 2011. API now plans to issue a $170 million term loan, down from $200 million, and reduce the maturity to five years from seven. The company plans to issue an additional $30 million in equity to make up for the smaller term loan, raising the total equity issuance related to the Spectrum acquisition to $133 million. Although the lower debt levels do result in somewhat better...
Companies mentioned in this report are: API Technologies Corp.
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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