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S&P puts WCI on positive watch
S&P said it placed all of the ratings, including the B corporate credit rating, on WCI Communities Inc. on CreditWatch with positive implications.
The CreditWatch listing follows news that Lennar Corp. has agreed to acquire all of WCI’s company's outstanding common stock in a cash and stock transaction valued at $23.50 per share, S&P explained.
The transaction values WCI at about $643 million in equity or an enterprise value of $809 million, the agency said.
S&P said it plans to resolve the CreditWatch placement following the close of the transaction, which is subject to customary closing conditions and regulatory approval.
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