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S&P: MedQuest, MQ on positive watch
Standard & Poor's said it placed its ratings on MedQuest Inc. and parent MQ Associates Inc. on CreditWatch with positive implications due to MedQuest's agreement to merge with Novant Health.
The agency said that Novant will pay $45 million in cash at closing, with a potential $35 million earn-out payment and that the transaction will result in a change of control under the terms of the indentures with respect to MQ Associates' $136 million face value at maturity 12¼% senior discount notes and MedQuest's $180 million 11.875% senior subordinated notes.
Affected ratings include MedQuest's corporate credit rating at B- and subordinated rating at CCC as well as MQ's corporate credit rating at B- and senior unsecured at CCC.
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