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Recovery Report: Silgan Holdings Inc.'s Recovery Ratings Profile Mar 12 Product Image

Recovery Report: Silgan Holdings Inc.'s Recovery Ratings Profile Mar 12

  • Published: March 2012
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has updated its issue-level and recovery ratings on Stamford, Conn.-based consumer goods packaging manufacturer Silgan Holdings Inc. to reflect the company's new issuance of $500 million unsecured senior notes due 2020. The company will use the proceeds to repay its existing $250 million 7.25% unsecured senior notes due 2016, pay about $31 million in make-whole payments, and for transaction expenses and general corporate purposes. Our simulated default scenario assumes a default year of 2016, based on a significant decline in revenues due to the loss of key customers and margin compression from heightened competition and rising costs. We estimate a gross recovery value of $1.3 billion, assuming an emergence EBITDA of $213 million and applying...

Companies mentioned in this report are: Silgan Holdings Inc.,Silgan Plastics Canada Inc.

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 READ MORE >

Silgan Holdings Inc.,Silgan Plastics Canada Inc.

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