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BULLETIN: GATX Corp. to Sell $150 Million of Convertible Senior Unsecured Notes Jan 02
Standard & Poors, Jan 2002
Abstract
GATX Corp. (BBB+/Negative/--) announced today that it intends to sell $150 million of convertible senior unsecured notes. The notes are convertible into common stock of GATX Corp., with proceeds used to repay debt and for general corporate purposes. Standard & Poor's ratings for GATX and its subsidiary, GATX Financial Corp. (BBB+/Negative/A-2), are not affected by this announcement. The company reported a loss of $1.9 million in 2001, which included a $98.4 million provision for possible losses and $85.2 million of asset impairment charges, both in large part due to its telecommunications and technology investments. Although the events of Sept. 11, 2001, weakened the outlook for aircraft operating lessors, only 2.5% of GATX's aircraft portfolio is currently off lease and all...
Companies mentioned in this report are: GATX Corp.,GATX Financial Corp.
Action: S&P Event
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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