...- Chart Industries Inc., a global manufacturer of highly engineered equipment servicing the industrial gas and clean energy industries, has signed a definitive agreement to acquire Granite U.S. Holdings Corp. (Howden) from KPS Capital Partners. We expect the acquisition to close in the first half of 2023. - Chart will fund the $4.4 billion acquisition with a new $1.315 billion senior secured term loan B, $1.31 billion secured notes, $750 million senior unsecured notes, and $1.1 billion of preferred equity. - S&P Global Ratings assigned its 'B+' issuer credit rating to Chart, a 'B+' issue-level rating and '3' recovery rating to the senior secured term loan and secured notes, and 'B' issue-level rating and '5' recovery rating to the unsecured notes. - The stable outlook on Chart reflects our expectations that despite supply chain and inflation the company will benefit from secular trends that will drive growth in its core end markets, generate healthy positive free operating cash flow (FOCF),...
