S&P: Heckmann on developing watch

Standard & Poor's said it placed its ratings, including its B+ corporate credit rating, on Heckmann Corp. on CreditWatch with developing implications.

"The CreditWatch placement follows Heckmann's announcement that it plans to acquire Power Fuels for approximately $381 million," said S&P credit analyst James Siahaan in a news release.

"Under the terms of the agreement, Heckmann plans to fund the purchase with approximately $125 million in cash, primarily from borrowings under its revolving credit facility and 95 million shares of common stock."

The agency said it plans to resolve the CreditWatch prior to the transaction's expected closing in the fourth quarter of 2012.

© 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.