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S&P rates Mead notes B+
Standard & Poor's said it assigned a preliminary B+ rating to Mead Products LLC's proposed $500 million senior unsecured notes due 2020.
The agency also said it assigned a preliminary 5 recovery rating to the proposed issue, indicating 10% to 30% expected recovery in a default.
The notes will be initially issued by Monaco SpinCo Inc., to complete the merger of ACCO Brands Corp., S&P said.
The ratings are based on preliminary terms and conditions, the agency said, and that ACCO shareholder approval of the proposed merger will be received at its shareholder meeting scheduled to take place on April 23.
The ratings on ACCO, including its B+ corporate credit rating, remain on CreditWatch with positive implications, pending the close of the transaction and corresponding financing, S&P said.
Following the close of the transaction, the agency said it expects to raise the corporate credit rating on ACCO to BB- and assign a stable outlook.
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