S&P rates Silgan notes BB

S&P said it assigned a rating of BB with a recovery rating of 5 to Silgan Holdings Inc.’s proposed €500 million senior unsecured note due 2028. The agency also raised the issue-level ratings to BB and revised the recovery ratings to 5 (rounded estimate: 15%) on the company’s unsecured notes, which includes the proposed $200 million senior unsecured notes add-on.

Silgan plans to use the proceeds to prepay most of its outstanding U.S. term loans A under its senior secured credit facility.

S&P affirmed Silgan’s BB+ rating and removed all its ratings from CreditWatch with negative implications. The outlook is negative.

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