Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Orbital ATK Inc. > News item |
Fitch might raise Orbital ATK
Fitch Ratings said it placed Orbital ATK Inc.'s BB+ issuer default ratings, BBB-/RR1 senior secured facilities and BB+/RR4 senior unsecured notes on rating watch positive.
The actions were driven by the announcement that Northrop Grumman Corp. plans to acquire Orbital ATK in a cash and debt transaction valued at approximately $9.2 billion comprised of $7.8 billion of equity value and the assumption of $1.4 billion of Orbital ATK’s outstanding debt. The deal is expected to be funded through about $6.8 billion of new debt and $1 billion of cash in addition to the assumption of $1.4 billion of Orbital ATK’s debt.
The transaction is expected to close in the first quarter of 2018, subject to approvals by the regulators and Orbital ATK’s shareholders.
Fitch said the positive watch reflects its expectation that Northrop Grumman’s post-acquisition ratings may be higher than Orbital ATK’s current BB+ ratings.
© 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.