PMHC II Inc. Ratings Placed On CreditWatch Developing On Planned Acquisition

PMHC II Inc. (d/b/a Prince International Corp.) has announced that it has signed a definitive agreement to acquire Ferro Corp. for $22.00 per share in cash, in a transaction valued at approximately $2.1 billion, including the assumption of debt. In conjunction with the closing of the transaction in the first half of 2022 subject to regulatory approval, the company plans to combine with ASP Chromaflo Holdings L.P. (Chromaflo Technologies). Both Prince and Chromaflo are owned by private equity sponsor American Securities. We are placing all of our ratings on Prince, including our 'B-' issuer credit rating and debt ratings, on CreditWatch with developing implications. The CreditWatch placement reflects the possibility that we could affirm, lower, or raise our ratings on

...May 12, 2021 - PMHC II Inc. (d/b/a Prince International Corp.) has announced that it has signed a definitive agreement to acquire Ferro Corp. for $22.00 per share in cash, in a transaction valued at approximately $2.1 billion, including the assumption of debt. - In conjunction with the closing of the transaction in the first half of 2022 subject to regulatory approval, the company plans to combine with ASP Chromaflo Holdings L.P. (Chromaflo Technologies). Both Prince and Chromaflo are owned by private equity sponsor American Securities. - We are placing all of our ratings on Prince, including our 'B-' issuer credit rating and debt ratings, on CreditWatch with developing implications. - The CreditWatch placement reflects the possibility that we could affirm, lower, or raise our ratings on the company at least by one notch, when additional information on the debt structure is available, and we believe there is considerable certainty about the close of the transaction. NEW YORK (S&P Global...

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