S&P ups, rates Mauser

S&P said it raised its Mauser Packaging Solutions Holding Co.’s issuer rating to B from B- and gave B issue and 3 recovery ratings to its planned $750 million term loan and $2.75 billion of senior secured notes. The agency also rated Mauser’s proposed $1.35 billion of senior secured second-lien notes CCC+ with a 6 recovery rating.

Mauser plans to fully redeem its $1.8 billion term loan B due 2024 and about $2.09 billion of senior secured notes due 2024 by issuing a $750 million term loan B due 2026 and $2.75 billion of senior secured notes due 2026. The company also wants to exchange $1.35 billion of its senior unsecured notes due 2025 for $1.35 billion of second-lien senior secured notes due 2027.

Additionally, the company wants to amend and extend its current $275 million asset-based lending credit facility maturing in September 2024 for a $350 million asset-based lending facility due 2028. Finally, Mauser will enter a $150 million super priority revolving credit facility due 2026.

“Mauser will have pushed out its next debt maturity into 2026. Additionally, the company continues to perform well despite a softer macro-environment as it continues to realize strong gains from its Earnings Improvement Plan (EIP). As a result, S&P Global Ratings raised the issuer credit rating to B from B- on Mauser,” the agency said in a statement.

The outlook is stable.

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