S&P: Goodman Global on watch

Standard & Poor's said it revised its CreditWatch listing of its ratings on Goodman Global Holdings Inc., including its B+ corporate credit rating, to CreditWatch with negative implications from CreditWatch developing, where they had been placed on July 20.

The action followed the company's announcement that it had agreed to be acquired by affiliates of private equity firm Hellman & Friedman LLC in an all-cash transaction valued at about $2.65 billion, the agency said.

According to S&P, Goodman stockholders will receive $25.60 in cash for each share of stock outstanding on the closing of the transaction and the transaction will be financed with $1.1 billion in senior secured credit commitments and $500 million in senior subordinated financing.

The agency said that the CreditWatch listing reflects its expectation that Goodman is likely to be aggressively leveraged for the rating following the closing of the transaction.

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