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Research Update: Clarke American Credit Rating Placed On Watch Negative On John H. Harland Co. Acquisition

Published Dec 20, 2006

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Abstract:

On Dec. 20, 2006, Standard&Poor's placed its 'B+' corporate credit rating on check printing company Clarke American Corp. (CAC) on CreditWatch with negative implications. At the same time, Standard and Poor's affirmed the 'B+' rating on the company's $480 million senior secured credit facility and the 'B-' rating on the $175 million senior unsecured notes, reflecting CAC's plan to refinance these borrowings. The CreditWatch listing reflects the announcement by M&F Worldwide Corp. (MFW; not rated), CAC's parent, to acquire John H. Harland Company, a check printing and software company, for $1.7 billion, including debt assumption. MFW has announced that it has committed financing in place to complete the acquisition and refinance CAC's existing debt. Standard&

Report Type:

Research Update

Ticker

664088Z

Issuer

Vericast Corp.

GICS

Commercial Printing (20201010)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Clarke American Ratings Affirmed And Off Watch, Proposed $1.9B Credit Facilities Rated 'B+' – 2007/02/28 – US$ 150.00

Research Update: Clarke American Ratings Affirmed And Off Watch, Proposed $1.9B Credit Facilities Rated 'B+' – 2007/02/28 – US$ 225.00

Clarke American Corp.'s $615M Senior Unsecured Notes Rated 'B-' – 2007/04/13 – US$ 150.00

Harland Clarke 'B+' Rating Outlook Changed To Stable From Negative – 2008/06/04 – US$ 150.00

Research Update: Harland Clarke 'B+' Rating Outlook Revised To Stable From Negative – 2008/06/04 – US$ 225.00

Clarke American Credit Rating Placed On Watch Negative On John H. Harland Co. Acquisition – 2006/12/20 – US$ 150.00

Summary: Clarke American Corp. – 2006/08/17 – US$ 225.00

Clarke American Corp. – 2006/04/14 – US$ 500.00

Summary: Clarke American Corp. – 2006/04/14 – US$ 225.00

Clarke American Assigned 'B+' Corporate Credit And Bank Loan Ratings, Senior Notes Rated 'B-' – 2005/11/15 – US$ 150.00

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MLA:	S&P Global Ratings’ Credit Research. "Research Update: Clarke American Credit Rating Placed On Watch Negative On John H. Harland Co. Acquisition" Dec 20, 2006. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Clarke-American-Credit-Rating-Placed-On-Watch-Negative-On-John-H-Harland-Co-Acquisition-553214>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Clarke American Credit Rating Placed On Watch Negative On John H. Harland Co. Acquisition Dec 20, 2006. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Clarke-American-Credit-Rating-Placed-On-Watch-Negative-On-John-H-Harland-Co-Acquisition-553214>

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