Americold Corp. Rtgs on S&PWatch Pos After Acq Anncmnt.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 10//06/97--Standard & Poor's today placed its single-'B'-minus subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". rating, and single-'B'-plus corporate credit and senior secured debt ratings of Americold Corp. on CreditWatch with positive implications. The amount of rated debt outstanding is about $400 million. The rating action follows the announcement that Americold will be acquired for $111 million in cash and the assumption of $471 million of debt by a new company that is 60% owned by Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. (triple-'B'-plus corporate credit rating) and 40% owned by Crescent Real Estate Equities Co. Americold, the largest domestic supplier of independent refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. warehouse space, with about a 16% share of the U.S. market, has built a nationwide network of facilities to service its diverse frozen food customer base. At the same time, the new company is also acquiring URS URS Yours URS Ultimate Roulette System URS Uniform Reporting System URS User Requirement(s) Specification URS Undergraduate Research Symposium URS Unified Registration Statement URS Undergraduate Research Scholars Logistics Inc., the second-largest frozen storage warehouse company, for $178 million in cash and the assumption of $189 million in debt. Both Americold and URS Logistics are privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , controlled by Kelso & Co. and its affiliates. Standard & Poor's expects to meet with the management of Vornado to discuss the firm's business and financial strategy for the new combined entity, particularly Vornado's plan to strengthen Americold's financial profile. -- CreditWeek CONTACT: Jayne M Ross, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-8942 Thomas Merck, New York (1) 212-208-1998 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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