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Bulletin: Carpenter Technology Corp. Ratings Unaffected By Latrobe Acquisition Announcement Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 20, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Wyomissing, Pa.- based Carpenter Technology Corp. (BBB/Stable/--) are unchanged by the company's announcement that it is acquiring Latrobe, Pa.-based Latrobe Specialty Metals Inc. for total consideration of approximately $560 million, consisting of 8.1 million shares of stock and $170 million of cash to repay Latrobe's debt and for transactions costs. Latrobe is a producer and distributor of high-performance specialty metals and alloys for the commercial aerospace, defense, energy and industrial markets. The transaction is expected to close by Sept. 30, 2011, subject to shareholder and regulatory approvals. In our view, this transaction supports what we consider to be Carpenter's satisfactory...
Companies mentioned in this report are: Carpenter Technology 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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