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S&P rates Ball notes BB+, lifts secured notes
Standard & Poor's said it assigned a rating of BB+ and a recovery rating of 4 to Ball Corp.'s proposed offering of $600 million of senior unsecured notes due 2023.
The 4 recovery rating indicates 30% to 50% expected default recovery.
The agency said it raised the ratings on Ball's senior secured debt to BBB from BBB- and revised the recovery rating to 1 from 2. The 1 rating indicates 90% to 100% expected default recovery.
S&P said it affirmed the BB+ corporate credit rating on Ball, along with the BB+ rating and 4 recovery rating on its existing senior unsecured debt.
The outlook is stable.
The proceeds will be used from the proposed notes offering to fund the purchase of its $375 million senior notes due 2016, pay down revolver borrowings of about $200 million and pay associated fees and expenses, the agency said.
The company also expects to amend and extend its existing $1.3 billion credit facility, comprised of a $1 billion revolving credit facility and about $290 million of term loans to 2018 from 2015, S&P said.
The ratings reflect the company's satisfactory business risk profile and significant financial risk profile, the agency said.
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