AZ Chem US Inc. -- Moody's places Arizona Chemical's ratings under review for downgrade

New York, September 29, 2015 -- Moody's Investors Service placed Arizona Chemical Holdings Corporation's (Arizona Chemical) Ba3 ratings under review for downgrade following the announcement that Kraton Performance Polymers, Inc. (Kraton, Ba3, ratings under review for downgrade) has entered into an agreement to acquire Arizona for $1.37 billion. The proposed transaction is projected to include a refinancing of the entire debt of the combined companies ($1.775 billion in total debt), which should retire all of Arizona Chemical's outstanding debt. If the financing for the acquisition is completed as planned Arizona Chemical's ratings would be withdrawn. The transaction values Arizona Chemical at 7.4x EBITDA for the LTM ending June 30, 2015, or 5.5x including synergies. The acquisition is subject to regulatory approvals and is expected to close by the end of 2015 or beginning of 2016.

Vollständigen Artikel bei Moodys lesen