S&P assigns Silgan loan BB

Standard & Poor's said it assigned its BB rating and its recovery rating of 3 to Silgan Holdings Inc.'s proposed $1 billion senior secured facilities.

The proposed credit facilities consist of a $450 million senior secured revolving credit facility due 2011, a $325 million term loan A due 2011 and a $225 million term loan B due 2012, S&P said.

Proceeds will be used to refinance existing bank debt, the agency added.

At the same time, S&P said it affirmed its BB corporate credit rating on the company in addition to its BB senior secured bank loan and B+ subordinated debt.

These ratings were supported by Silgan's satisfactory business position, steady earnings and free cash flow generation, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.