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S&P rates ACCO notes BB-
S&P said it rated ACCO Brands Corp.’s upcoming $650 million of senior unsecured notes due 2029 BB- with a 4 recovery rating, indicating an average recovery (30%-50%; rounded recovery: 30%) in default.
The company will use proceeds to repay its outstanding $375 million of notes due 2024, $255 million of borrowings on the revolver used to fund the acquisition of PowerA and $20 million in fees and call premium.
“The notes also push out the current maturity wall in 2024, when all of the company’s debt would have matured at once,” S&P said in a press release.
The agency affirmed ACCO’s BB- rating, and the outlook remains negative.
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