S&P keeps Superior Essex on developing watch

Standard & Poor's said its ratings on Superior Essex Inc., including the BB corporate credit rating, remain on CreditWatch with developing implications.

The ratings were placed on CreditWatch on June 11, following Superior Essex's announcement that it signed a definitive agreement to be acquired by LS Cable Ltd. (unrated) for $900 million, or $45 per share in a cash tender offer, the agency said.

Superior Essex, in its Schedule 14D-9 public filing dated July 1, indicated that LS Cable has received a debt commitment letter from its lenders that will provide up to $350 million of asset-backed senior secured credit facilities for the purpose of redeeming the outstanding $257 million 9% senior notes due 2012, S&P said.

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