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S&P may cut Mariner Health
Standard & Poor's ratings on Mariner Health Care Inc. remain on CreditWatch with negative implications, including its B+ corporate credit rating, BB- rated $90 million revolver and $135 million amortizing term loan B, and B- rated $175 million 8.25% senior subordinated notes.
The ratings were placed on CreditWatch following the announcement of the company's pending acquisition by National Senior Care Inc. for about $1 billion.
Mariner expects to announce the date of a stockholder meeting soon after Oct. 19. An additional $100 million commitment was recently received, bringing total committed equity to $300 million. The company's proxy statement, filed in September, indicates that the source of the rest of the funds to pay for the acquisition will be $730 million of mortgage financing.
S&P said it will monitor the progress of this proposed acquisition, which includes the strong possibility that the transaction could add to the company's financial leverage.
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