The Canadian Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: October 2011
- Region: Canada
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 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
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Silgan Holdings Inc.,Silgan Plastics Canada Inc.