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S&P: Genesco still on developing watch
Standard & Poor's said its ratings, including the BB- corporate credit rating on Genesco Inc. remain on CreditWatch with developing implications following the announcement this morning that the company has accepted a bid from The Finish Line Inc. for $1.53 billion, or $54.50 per share, in cash.
S&P said it expects the convertible subordinated notes to be converted as they are currently deep in-the-money with an exercise price of $22.12 per share.
The transaction is expected to close in fall 2007 and the agency said it would withdraw the rating at that time.
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