Bell Sports Rtgs Put on S&PWatch Neg After Anncmnt.NEW YORK--(BUSINESS WIRE)--Standard & Poors CreditWire 2/18/98-- Standard & Poor's today placed its single-'B' rating of Bell Sports Corp.'s $86.3 million 4.25% convertible subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before due 2000 on CreditWatch with negative implications. The double-'B'-minus corporate credit rating also is placed on CreditWatch with negative implications. The CreditWatch listings follow the company's announcement that it has entered into an agreement to be acquired by HB Acquisition Corp., a newly organized corporation formed by Harvard Harvard, town (1990 pop. 12,329), Worcester co., E central Mass.; inc. 1732. A Shaker house and cemetery, a Native American museum, and a Harvard observatory are there. Private Capital Holdings Inc. and Brentwood Associates Buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. Fund II, L.P., in a leveraged recapitalization Leveraged Recapitalization A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company. Notes: This is often used in risk arbitrage. . The transaction is expected to result in an immediate increase in financial risk. Standard & Poor's will assess the company's business strategies, operating outlook, and capital structure in reassessing the rating. The ratings may be withdrawn if Standard & Poor's is unable to obtain sufficient information to arrive at a rating for the company. -- CreditWire CONTACT: Hal F Diamond, 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 212/208-1331 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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