Recovery Report: Exopack Holding Corp.'s Recovery Rating Profile
- ID: 1787032
- May 2011
- Standard & Poors
We have assigned recovery and issue-level ratings to Exopack Holding Corp..'s proposed $400 million senior secured term loan B facility and $225 million senior unsecured notes (see table 1). Exopack is a U.S.-based manufacturer of flexible packaging products. The company plans to use the proceeds of the term loan and the notes to fund a dividend distribution of about $190 million to its shareholders, refinance outstanding debt of about $396 million, and pay for transaction-related fees and expenses. Exopack is replacing its existing $125 million asset-based (ABL) revolver with a new $75 million asset-based facility (unrated), which will be undrawn at closing. Our recovery analysis incorporates a simulated default scenario that contemplates a default in 2013, caused by weak demand...
Companies mentioned in this report are: Exopack Holding Corp.,Cello-Foil Products Inc,Exopack LLC
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Research Type: Full Analysis