Ratings On Silgan Holdings Inc.'s Credit Facilities And Unsecured Notes Lowered; Recovery Ratings Revised Jul 10
- ID: 2088676
- July 2010
- Standard & Poors
NEW YORK (Standard & Poor's) July 9, 2010--Standard & Poor's Ratings Services said today that it revised the ratings on Silgan Holdings Inc.'s senior secured credit facilities and senior unsecured notes following the completion of the company's new upsized credit facilities. The expanded borrowing capacity provides Silgan with greater flexibility with regard to its strategic initiatives, including the pursuit of acquisitions and share repurchases. However, the increase to the facility size by $350 million results in our expectation for reduced recovery in a default scenario, and lower recovery ratings. We lowered the issue-level ratings on the final $1.4 billion senior secured credit facilities to 'BBB-' (one notch above the 'BB+' corporate credit rating) from 'BBB', and we revised the recovery...
Companies mentioned in this report are: Silgan Holdings Inc.
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