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Research Update: Gristede's Foods Inc. Jul 03
Standard & Poors, July 2003
Abstract
On July 22, 2003, Standard & Poor's Ratings Services 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 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 & Spencer PLC for $120 million in cash. The acquisition would expand...
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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