WNA Holdings Inc. Ratings Placed On CreditWatch Positive On Planned Acquisition By Jarden Corp.

Stocks and Financial Services Press Releases Thursday July 16, 2015 08:55
NEW YORK--16 Jul--Standard & Poor's
  • Boca Raton, Fla.-based Jarden Corp. (BB/Stable/--) is acquiring plastic foodservice tableware company Waddington Group Inc., the parent of WNA Holdings Inc.
  • We are placing our ratings on WNA Holdings, including our 'B' corporate credit rating, on CreditWatch with positive implications.
  • We will resolve the CreditWatch placement when the transaction closes, which we expect will occur during the third quarter of 2015.

NEW YORK (Standard & Poor's) July 15, 2015--Standard & Poor's Ratings Services today placed its ratings, including its 'B' corporate credit rating, on WNA Holdings Inc. on CreditWatch with positive implications.

The CreditWatch placement reflects the likelihood that Jarden Corp. will acquire Covington, Ky.-based The Waddington Group Inc., the parent holding company of WNA Holdings Inc. for $1.35 billion. Jarden will fund the acquisition through a combination of cash, debt, and equity. The transaction, which we expect to close during the third quarter, is subject to customary terms and conditions, including antitrust and regulatory clearances in the U.S. and abroad. We expect that all of WNA Holdings will repay the outstanding senior secured debt that we rate as part of this transaction.

"We will resolve the CreditWatch placement when the transaction closes," said Standard & Poor's credit analyst James Siahaan.

We expect to raise our rating on the WNA Holding Inc. following the close of the transaction, reflecting our view that the company's credit quality would be aligned with that of Jarden Corp., at which point we also expect to subsequently withdraw our corporate credit and issue-level ratings on WNA Holding and its debt.

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