S&P: WKI watch now positive

Standard & Poor's said it revised its CreditWatch listing on the ratings of WKI Holding Co. Inc., changing the implications to positive from negative. S&P rates WKI's corporate credit B, senior secured bank loan B and subordinated debt CCC+.

This follows WKI's April 30 announcement that it had signed a definitive agreement to sell its OXO International business to Helen of Troy Ltd. for $275 million in cash. WKI plans to use the proceeds from the sale to dramatically reduce debt.

The ratings were originally placed on CreditWatch with negative implications on Nov. 24, 2003, reflecting S&P's concerns about challenging industry conditions and the company's weaker-than-expected performance for the year ended Dec. 31, 2003.

S&P said it believes that a substantial reduction in debt would likely improve WKI's financial profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.