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Recovery Report: Exopack Holding Corp.'s Recovery Rating Profile
Standard & Poors, May 2011
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
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.
Research Type: Full Analysis
Exopack Holding Corp.,Cello-Foil Products Inc,Exopack LLC