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Gristede's Foods Inc.'s Planned $150 Million Senior Secured Notes Rated 'B' Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 22, 2003-- Standard & Poor's Ratings Services said today that it assigned a 'B' rating to Gristede's Foods Inc.'s planned $150 million senior secured note offering due in 2010. A 'B' corporate credit rating was also assigned to the company. The outlook is negative. The notes will be secured by a second lien on substantially all of the company's assets and capital stock of subsidiaries and would be subordinated to any security pledged to a new revolving credit facility. The notes will be issued under Rule 144A with registration rights. New York, N.Y.-based Gristede's plans to use the majority of the proceeds from the note offering to purchase Kings Super Markets Inc. from Marks...
Companies mentioned in this report are: Gristede's Foods Inc.,Di Giorgio Corp.,Marks & Spencer PLC
Action: New Rating
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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