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S.&P.: Flowers’ ratings not affected by Lepage
date:Jun 08, 2012
The ratings remain at BBB- and the outlook stable, S.P. said.
Flowers late last month agreed to acquire Lepage Bakeries for $370 million, including $300 million in cash at closing, $20 million in total deferred cash payments beginning on the fourth anniversary of the closing date, and common stock valued at $50 million. Flowers has said it will use a significant portion of the proceeds from its April 2012 issuance of $400 million senior unsecured notes due 2022 toward the acquisition, which it e

12/19 16:51