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S&P reviews Quality Distribution
Standard & Poor's said it placed its ratings on Quality Distribution Inc. on CreditWatch with negative implications.
"The CreditWatch placement follows Quality's announcement that it has entered into a definitive agreement to be acquired by funds advised by Apax Partners in a transaction valued at approximately $800 million, including the assumption of debt," S&P credit analyst Michael Durand said in a news release.
"The transaction is expected to close in third-quarter 2015, subject to customary closing conditions including shareholder and regulatory approvals."
This transaction could increase the company's debt levels and weaken its credit measures, which could lead the agency to reassess Quality's financial risk profile.
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