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S&P gives Inverness convertible preferreds CCC+
Standard & Poor's said it assigned its CCC+ rating on Inverness Medical Innovations Inc.'s $780 million of series B convertible perpetual preferred stock.
The agency said that this new preferred stock was issued in conjunction with Inverness's purchase of Matria Healthcare Inc. in a transaction valued at $1.2 billion.
At the same time, S&P said it affirmed its B+ corporate credit, BB senior secured and B- subordinated debt ratings on the company.
The outlook is stable.
The agency said that it views the preferred stock as an intermediate equity content hybrid security, with characteristics of both debt and equity.
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