S&P rates Canpack notes BB

S&P said it rated the $800 million of senior unsecured notes due 2029 to be sold by Canpack SA and Canpack US LLC BB. The recovery rating is 3.

The ratings are in line with those of Canpack’s outstanding notes, the agency said.

The Canpack companies will use about $400 million to build a new plant in Muncie, Ind., and $100 million to expand the plant in Olyphant, Pa., with about $220 million for potential growth projects.

Concurrently, S&P affirmed both issuers’ BB ratings.

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