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BULLETIN: Tyco International Ltd. to Acquire McGrath RentCorp Dec 01
Standard & Poors, Dec 2001
Abstract
Standard & Poor's said today that Tyco International Ltd.'s (A/Stable/A-1) announcement that it plans to acquire unrated McGrath RentCorp will not result in a change to its ratings or outlook on Tyco International Ltd. or its wholly owned commercial finance subsidiary, Tyco Capital Corp. (A+/Stable/A-1) The acquisition of McGrath, a small, highly profitable rental provider of modular offices and classrooms and electronic test equipment, adds to Tyco Capital's large existing equipment rental and lease operation and recurring revenue base. The risks associated with Tyco's aggressive growth-via-acquisition strategy are factored into the existing ratings. The total acquisition cost is $482 million, including $108 million of assumed net debt. At least half of the consideration for the McGrath shares will be in...
Companies mentioned in this report are: Tyco International Ltd.,CIT Group Inc.
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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