Research Update: Guardian Industries Corp. 'A' Corporate Credit Rating And 'A-1' Short-Term Rating Affirmed, Outlook Stable; Off Watch

On Nov. 21, 2016, U.S.-based glass manufacturer Guardian Industries Corp. disclosed that its stockholders had approved the acquisition of the company by KGIC Merger Corp., a wholly owned subsidiary of Koch Industries. The deal is an all-cash transaction for the remaining 55.5% of outstanding shares of Guardian Industries' common stock not already owned by affiliates of Koch. The transaction is subject to customary closing conditions including antitrust approval, and is expected to close in the first quarter of 2017.In conjunction with the sale of the company, Guardian announced plans to issue a new $1.1 billion term loan and $500 million revolving credit facility. The company will use proceeds from the new debt to pay down all existing debt as well

...On Nov. 21, 2016, U.S.-based glass manufacturer Guardian Industries Corp. disclosed that its stockholders had approved the acquisition of the company by KGIC Merger Corp., a wholly owned subsidiary of Koch Industries. The deal is an all-cash transaction for the remaining 55.5% of outstanding shares of Guardian Industries' common stock not already owned by affiliates of Koch. The transaction is subject to customary closing conditions including antitrust approval, and is expected to close in the first quarter of 2017.In conjunction with the sale of the company, Guardian announced plans to issue a new $1.1 billion term loan and $500 million revolving credit facility. The company will use proceeds from the new debt to pay down all existing debt as well as partially finance the purchase of the remaining shares from the existing shareholders....

Research Update