Research Update: Silgan Holdings Inc.'s Proposed Financing Rated 'BBB-', Recovery Rating: '1'; Existing Ratings Remain On Watch Negative May 11

Standard & Poors, May 2011

Abstract
U.S.-based packaging producer Silgan Holdings Inc. is raising the financing for a portion of its acquisition of Graham Packaging Co. We are assigning a 'BBB-' and '1' senior secured debt rating to the company's proposed $800 million revolving credit facility due 2016 and $900 million senior secured term loan A due 2017. The 'BB+' corporate credit on Silgan and the existing senior secured and senior unsecured debt ratings, remain on CreditWatch with negative implications. All of our ratings on Graham Packaging Holdings Co., including the 'B' corporate credit and existing issue ratings, remain on CreditWatch with positive implications. On May 13, 2011, Standard & Poor's Ratings Services assigned its 'BBB-' issue ratings and '1' recovery ratings to Silgan's proposed revolving...

Companies mentioned in this report are: Silgan Holdings Inc.
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Silgan Holdings Inc.

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