S&P: Sybron unaffected

Standard & Poor's said there would be no affect on the ratings and outlook on Sybron Dental Specialties Inc. (BB+/stable/--) after the professional dental product manufacturer announced it had agreed to acquire Innova LifeSciences Corp.

Sybron will make an all-cash offer to purchase all shares of Innova for about C$57 million. The acquisition will be financed with a combination of balance sheet cash (Sybron had $30 million as of June 30), and funds from the company's revolving credit facility, according to S&P.

S&P said liquidity is expected to remain adequate, as Sybron generated more than $40 million of free operating cash flow through the first three quarters of its fiscal year ending Sept. 30 and because its $150 million revolving credit facility will remain largely available.

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