Moody's reviews Silgan for downgrade

Moody's Investors Service said it placed the ratings of Silgan Holdings Inc. under review for downgrade including the Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured bank credit facility and Ba3 senior unsecured. The speculative grade liquidity rating remains unchanged at SGL-2.

The review follows the announcement Silgan entered an agreement to acquire Albeas's dispensing business for $900 million. Moody's changed the rating outlook to under review from stable.

Silgan expects to fund the acquisition with cash on hand and borrowings under its senior secured credit facility, including a fully committed $900 million incremental delayed-draw term loan.

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