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BULLETIN: Collins & Aikman to Make Acquisition; No Ratings Impact Apr 01
Standard & Poors, April 2001
Abstract
Corporate Credit Rating: BB-/Stable/- Collins & Aikman Corp. today announced that it has signed a letter of intent to acquire the automotive fabric operations of Joan Fabrics and all of the operating assets in Joan's affiliated yarn dying operation. Consideration is expected to include $100 million in cash and 12.8 million shares of Collins & Aikman stock. The businesses to be acquired had combined EBITDA of approximately $27 million in fiscal 2000. While the acquisition will result in a modest improvement in Collins & Aikman's business profile by enhancing its automotive fabric capabilities, the transaction will not significantly impact the company's credit profile and thus has no effect on the ratings. Over time, Standard & Poor's expects debt to EBITDA...
Companies mentioned in this report are: Collins & Aikman Corp.
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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