Quiksilver upgraded by Moody’s
Moody’s Investors Service raised its rating on Quiksilver (NYSE: ZQK) one notch after the company exchanged new stock for debt.
Moody’s raised Quiksilver’s default-probability rating and corporate family rating to “B2” from “B3.” It also boosted the rating on $400 million in senior unsecured notes to “Caa1” from “Caa2.” The agency said the rating outlook was positive.
Quiksilver recently exchanged 31.1 million shares for $140 million worth of senior secured term loans at a rate of $4.50 per share. The move lowered the debt-to-profit ratio and will cut interest expenses, Moody’s said.
Moody’s also said the company had improved profit margins by aligning inventory with demand to avoid markdowns, and said the changes were sustainable.
Jarden declares quarterly cash dividend
Jarden Corp. (NYSE: JAH) said its board of directors declared a regular quarterly cash dividend of $0.0825 per share of the company’s common stock. It is payable on Oct. 29 to stockholders of record on Oct. 1.
Jarden’s outdoor portfolio includes K2, Coleman, Marmot and Volkl, among others.
–Compiled by Wendy Geister
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