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Bulletin: Telcordia Technologies Inc. Ratings Unaffected By Announced Ericsson Deal Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 17, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Piscataway, N.J.-based telecommunications software and service provider Telcordia Technologies Inc. remain unchanged following the announcement that Ericsson (Telefonaktiebolaget L.M.) has reached an agreement to acquire 100% of the shares of Telcordia for $1.15 billion in cash. We expect that in connection with the closing of the acquisition, the 2018 senior secured second-lien notes will be repurchased, redeemed, or discharged and that the senior secured first-lien credit facility will be repaid. Telcordia had about $850 million in outstanding debt as of April 30, 2011. We expect to withdraw our 'B' corporate credit rating on Telcordia and the issue-level ratings on the...
Companies mentioned in this report are: Telcordia Technologies 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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