Moody's may up Seminis

Moody's Investors Service said it placed the ratings of Seminis Vegetable Seed Inc. under review for possible upgrade following the announcement that Monsanto Co. (Baa1 senior unsecured) has signed a definitive agreement to acquire Seminis Inc. (the holding company of Seminis Vegetable Seed Inc.).

Under review are Seminis' Ba3 rated $75 million senior secured revolving credit facility maturing September 2008 and $90 million senior secured term loan maturing September 2009, B3 rated $340 million 10¼% senior subordinated notes due 2013, B1 senior implied rating and B2 unsecured issuer rating.

Upon closing of the purchase by Monsanto, expected to be completed during the first half of 2005, and retirement of Seminis' existing debt, Moody's said it will withdraw its ratings on Seminis.

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