Moody's reviews Greenhill for upgrade

Moody's Investors Service said it placed Greenhill & Co., Inc.’s ratings on review for upgrade, including the B1 senior secured debt rating.

On Monday, investment-graded rated Mizuho Financial Group, Inc. and Greenhill announced that Mizuho will buy the company in an all-cash deal at $15 per share. The outlook for Greenhill was changed to ratings under review from negative. The acquisition is expected to close by Dec. 31, subject to approvals by Greenhill shareholders and regulators.

“Moody's said its review will consider the legal structure of the transaction, including whether Greenhill's outstanding rated senior secured debt will be directly assumed by Mizuho or an affiliate, as well as assessing the potential benefits to Greenhill's creditors from being affiliated with a larger and more diverse banking group and the likelihood of support from Mizuho in the event of financial distress at Greenhill,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.