Moody's may change Neff Corp
March 31, 1999 11:51 AM
(Press release provided by Moody's Investors Service)
NEW YORK, March 31 - Moody's Investors Service placed the B3 rating of Neff Corporation's $200 million of 10.25% senior subordinated notes, due 2008, and the B1 on its $310 million senior secured credit facility under review with uncertain direction.
The review was prompted by the March 29, 1999 announcement that the company had retained Donaldson, Lufkin & Jenrette ("DLJ") to consider strategic alternatives for the company, including a possible sale, recapitalization or spin-off, in order to enhance shareholder value.
Moody's will review Neff's debt ratings once specific plans are formalized and additional information regarding the pro forma capital structure is available.
The senior subordinated notes are currently non-callable and there is a change of control put at 101% of par.
Neff Corporation, with headquarters in Miami, Florida, is both a consolidator of equipment rental companies and an equipment dealer.
Currently, the company operates a total of 86 locations in 17 states and South America.
REUTERS
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