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Recovery Report: Silgan Holdings Inc.'s $1.2B Senior Secured Bank Credit Facilities May 06
Standard & Poors, May 2006
On May 17, 2006, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and a recovery rating of '2' to Silgan Holdings Inc.'s proposed -200 million incremental term loan, based on preliminary terms and conditions. We assigned the same ratings to the wholly owned subsidiary Silgan Plastics Canada Inc.'s recent C$45 million term loan. Both facilities represent new tranches under an existing credit facility. The 'BB+' rating is the same as the corporate credit rating; this and the '2' recovery rating indicate that lenders can expect substantial (80% to 100%) recovery of principal in the event of a payment default. At the same time, we revised the recovery ratings on the existing tranches of Silgan's credit facility to...
Companies mentioned in this report are: Silgan Holdings Inc.,Amcor Ltd.,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
Silgan Holdings Inc.,Amcor Ltd.,Silgan Plastics Canada Inc.