Silgan Holdings Inc. 'BB+' Rating Affirmed, New $300 Million Notes Rated 'BB-' (Recovery Rating: '6'); Outlook Stable Mar 12
- Language: English
- Published: March 2012
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.
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Silgan Holdings Inc.,Silgan Plastics Canada Inc.