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Bulletin: ConAgra Foods Ratings Not Affected By Divestiture Announcement Mar 08
Standard & Poors, March 2008
Abstract
NEW YORK (Standard & Poor's) March 27, 2008-Standard & Poor's Ratings Services said today that the ratings and outlook on ConAgra Foods Inc. (BBB+/Negative/A-2) currently would not be affected following the company's announcement that it had agreed to sell its trading and merchandising operations to Ospraie Special Opportunities Fund, an affiliate of Ospraie Management, for $2.1 billion (book value plus $600 million). Under the terms of the deal, ConAgra Foods will receive $1.6 billion in cash (subject to working capital adjustments) and $525 million in payment-in-kind debt securities (with two-, three-, and four-year maturities, issued by a newly created holding company, and a weighted interest rate of 10.82%). Upon closing (expected within 60 days), ConAgra Trade Group will be renamed...
Companies mentioned in this report are: ConAgra Foods 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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