MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, November 9, 2007 S&P Gives Junk Rating to Marsico Notes Standard & Poor's has given a junk rating to $1 billion of debt offerings planned by Marsico Capital Management, which would be used to finance a deal to buy itself back from Bank of America, Rocky Mountain News reported. S&P, according to the report, said there is a "high degree of business risk at Marsico" and added that "given the company's undiversified business model, there is little room for error." The deal, announced in June and expected to close this quarter, has a price tag of about $2.7 billion. The fund firm plans to borrow to finance the transaction, and Marsico and other managers will contribute $150 million. According to the report, the total amount includes a $1.2 billion loan and $1 billion in notes. The rating agency assigned a CCC+ rating to the notes and B+ to the loan. Printed from: MFWire.com/story.asp?s=16423 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |