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S&P: K&F Industries on positive watch
Standard & Poor's said it placed its ratings, including the B+ corporate credit rating, on K&F Industries Inc. on CreditWatch with positive implications.
According to S&P, the CreditWatch placement follows announcement by K&F Industries Holdings Inc. (unrated) that it will be acquired by Meggitt-USA Inc., a wholly owned unit of Meggitt plc (unrated), for about $1.1 billion plus the assumption of $700 million of debt.
The transaction, to be financed by a combination of debt and equity, is expected to close in the second quarter of 2007, the agency said.
S&P noted that it expects K&F Industries Inc.'s term loan of $400 million to be repaid, after which it would withdraw its B+ bank loan and 3 recovery ratings.
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