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25 May 1995
MOODY'S CONFIRMS A2 SENIOR DEBT RATING AND PRIME-1 COMMERCIAL PAPER RATING OF INGERSOLL-RAND COMPANY; UPGRADES CLARK EQUIPMENT COMPANY'S SENIOR DEBT RATING TO A3
New York, 05-25-95 -- Moody's Investors Service confirmed the A2 senior debt and the Prime-1 commercial paper ratings of Ingersoll-Rand Company (Ingersoll-Rand). At the same time, Moody's raised the senior debt rating of Clark Equipment Company (Clark) to A3 from Baa3. The confirmation of Ingersoll-Rand's ratings recognizes the strategic fit of Clark's businesses with those of Ingersoll-Rand and anticipates the rapid paydown of acquisition-related debt in a short time frame, thus reducing leverage to levels more consistent with the rating category. Although Ingersoll-Rand will not formally support Clark's debt obligations, the upgrade of Clarks' senior debt ratings acknowledge the potential business and financial benefits resulting from Ingersoll-Rand's ownership of the company.
The ratings confirmed include:
Ingersoll-Rand Company - senior notes, debentures and industrial revenue bonds rated A2; (P)A2 rated shelf registration for senior debt; and Prime-1 rating for commercial paper.
The ratings raised include:
Clark Equipment Company - senior notes and medium-term notes to A3 from Baa3; and shelf registration for senior debt to (P)A3 from (P)Baa3.
The rating actions conclude reviews initiated on March 29, 1995 which were prompted by Ingersoll-Rand's announcement of an unsolicited offer to purchase all of the outstanding shares of Clark. After Ingersoll-Rand sweetened its offer, Clark agreed to be acquired in a transaction valued at $1.5 billion.
According to Moody's, the Clark acquisition is complementary to Ingersoll-Rand's existing businesses and will broaden its product lines, customer base and distribution as well as increase market share both in the US and abroad. In addition, each of Clark's four standalone businesses are market leaders and the company has benefited from past restructuring efforts to reduce costs and position itself in more stable, growth-oriented businesses. While Ingersoll-Rand's end-markets remain cyclical, the addition of Clark's businesses will further diversify its income stream and lessen the impact of future downturns.
Although the acquisition strengthens Ingersoll-Rand's business position, Moody's said that the additional debt used to finance the acquisition will initially weaken the company's capital structure and debt-protection measurements. With the combination, however, earnings will benefit in the intermediate term from sustained domestic demand (as automotive and housing end-markets soften, energy-related, mining and processing businesses are expected to pick up), growth abroad and past cost reduction programs implemented at Ingersoll-Rand and Clark. Consequently, Moody's anticipates that strong cash flow will permit a rapid paydown of acquisition-related debt.
The upgrade of Clark's senior debt rating focuses on the strength of the business combination which serves similar markets and customers without an overlap in product lines, as well as Clark's access to greater financial resources as part of the consolidated Ingersoll-Rand entity. Although Moody's believes that Ingersoll-Rand will act to support its new subsidiary, the rating differential between the two companies recognizes that Ingersoll-Rand has no legal obligation to do so and has not provided formal support for Clark's outstanding debt.
Ingersoll-Rand Company, headquarters in Woodcliff Lakes, NJ, is a leading worldwide producer of industrial machinery and capital equipment including compressors, bearings, pumps, engines, power tools, rock drills, construction equipment, automotive components and door hardware. Clark Equipment Company, headquartered in South Bend, IN, is a leading industrial company which manufactures compact construction machinery, off-highway components and asphalt pavers as well as golf carts through its recent acquisition of Club Car, Inc.
No Related Data.
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