S&P assigns Pactiv loan, notes B+

S&P said it gave Pactiv Evergreen Inc.’s planned $800 million term loan and $500 million of senior secured notes B+ issue-level and 3 recovery ratings. The agency also affirmed Pactiv’s ratings, including its B+ issuer rating.

The company plans to use the proceeds to refinance about $1 billion on its term loan due 2023 and finance the acquisition of Fabri-Kal for $380 million.

“We view the acquisition of Fabri-Kal as a strategic fit for Pactiv. With 2020 sales of about $313 million, Fabri-Kal, a North America producer of thermoformed packaging products for foodservice and consumer packaged goods, will add to Pactiv's food service segment and expand the company's sustainable product offerings,” the agency said in a press release.

The outlook is stable.

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