S&P assigns Hillenbrand notes BB+

S&P said it assigned its BB+ issue-level rating to Hillenbrand Inc.'s planned $500 million of senior unsecured notes due 2029. The recovery rating is 4, indicating average (30%-50%; rounded estimate 30%) recovery in default.

The ratings are aligned with those on the issuer’s outstanding senior unsecured notes.

“The proposed notes issuance is leverage neutral since we expect the company will use the proceeds to repay outstanding balances (about $531 million) under the $1 billion revolving credit facility,” S&P said in a press release.

The outlook is stable.

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