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S&P: Helix unchanged
Standard & Poor's said that Cal Dive International's, a majority-owned subsidiary of Helix Energy Solutions Group Inc. (BB-/stable)) announcement that it has agreed to buy Horizon Offshore Inc. (unrated) for $628 million would not affect the ratings on Helix.
The agency said it expects Cal Dive to fund the transaction in a fairly balanced manner through a combination of Cal Dive shares and cash, 0.625 shares of Cal Dive common stock and $9.25 in cash for each share of Horizon.
S&P added that Cal Dive is expected to raise new debt to fund the cash component of the transaction.
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