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S&P puts Blue Coat on positive watch
S&P said it placed all of Blue Coat Holdings Inc.’s ratings, including its B- corporate credit rating, on CreditWatch with positive implications.
The watch placement follows news that Symantec Corp. has agreed to acquire Blue Coat from sponsor Bain Capital for about $4.65 billion, S&P said.
The agency said it expects the transaction to close in the third quarter of 2016 pending regulatory approval.
As part of the transaction, Symantec will repay Blue Coat’s existing debt, S&P said.
The agency said it expects to resolve the CreditWatch when the transaction closes.
S&P said it will likely raise the corporate credit rating on Blue Coat to equalize it with the BBB- rating on Symantec, which has a stronger credit profile.
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