John, I just noticed that financing had been secured to support the anticipated takeover by Philip Services. The credit rating is not very high. The release is dated January 23. The news release quoting the ISS backing of LLE's offer is dated February 6, so ISS should have taken the financing into account when deciding LLE's offer was better.
Here is the release about the financing of Philip's offer.
NEW YORK, Jan. 23 /PRNewswire/ -- Safety-Kleen Corp.'s (SK) proposed $1.2 billion senior secured credit facility and $300 million second secured credit facilities are rated 'BB-' and 'B', respectively, by Fitch IBCA. Proceeds of the facilities are earmarked for support of the announced $1.97 billion acquisition of SK by Apollo Advisors, L.P., Blackstone Management Associates III, L.P. and Philip Services Corp. from existing public shareholders.
newsalert.com
On another subject, leftist guerillas are blowing up oil pipelines in Venezuela, so I guess we should be glad we don't need their oil. The news release says rebels frequently target the oil industry, contending that foreign companies are unfairly exploiting Colombia's natural resources. But every time they blow up a section of pipeline, the crude oil gushes over a section of the rain forest, so instead of exploiting natural resources, they destroy them. Different philosophy.
search.washingtonpost.com
On still another subject, gasoline prices are down, but the dropping may be ending.
thestate.com
Charles |
