S&PCORRECT: AGCO Corp. Ratings Placed on CreditWatch Negative Nov 00

  • ID: 2085723
  • November 2000
  • Standard & Poors
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(Editor's note: In the press release published earlier today, AGCO's EBITDA interest coverage was misstated. A corrected version follows.) NEW YORK (Standard & Poor's CreditWire) Nov. 20, 2000-Standard & Poor's today placed it ratings for AGCO Corp. on CreditWatch with negative implications, affecting about $250 million of long-term debt securities. The CreditWatch listings follow an announcement that AGCO entered into an agreement to acquire Ag-Chem Equipment Co. Inc. for cash and stock valued at $25.80 per common share, or about $247 million, and about $45 million of assumed debt. The purchase price represents a premium of nearly 125% based on Ag-Chem's closing price on Nov. 17, 2000. AG-Chem, a maker of agricultural equipment used to apply fertilizer and chemicals to...

Companies mentioned in this report are: AGCO Corp.
Action: On CreditWatch:Negative

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AGCO Corp.

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