GulfMark Offshore Inc. NEW (fka GLFMQ) (GLF)

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AP - Moody's leaves GulfMark ratings unchanged
Friday May 30, 1:12 pm ET
Moody's leaves GulfMark ratings unchanged for now after Rigdon Marine deal


NEW YORK (AP) -- Moody's Investors Service said Friday it would not change its ratings on GulfMark Offshore Inc. after the oil service provider agreed to buy private offshore vessel operator Rigdon Marine Corp. for about $283 million in cash and stock.
The rating firm affirmed GulfMark's speculative-grade "Ba3" corporate family rating and a "B1" rating on $160 million worth of senior notes due 2014.

The rating on the notes could be cut to "B2" once the deal closes, however, because of the $268 million in additional debt GulfMark will take on, Moody's said.

The outlook is "Stable."

Under the terms of the deal, GulfMark will pay $150 million in cash and offer 2.1 million GulfMark shares to Rigdon.

GulfMark shares rose $2.33, or 3.6 percent, to $67.75 in afternoon trading

link - http://biz.yahoo.com/ap/080530/gulfmark_moody_s.html?.v=1