U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp. (HCHC) announced that it intends to acquire U.S.-based online coupon site RetailMeNot Inc. for $630 million. The company hasn't disclosed how it plans to finance the transaction, but we expect it expect it to use debt to finance a portion of the purchase price. We are placing our ratings on HCHC, including the 'B+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch placement reflects the possibility that we could downgrade HCHC by one notch, depending on its pro forma leverage and liquidity. On April 12, 2017, S&P Global Ratings placed its ratings, including the 'B+' corporate credit rating, on U.S.-based media delivery, payment solution, and
