S&P rates W/S Packaging

S&P said it assigned a B rating and 3 recovery rating on W/S Packaging Holdings Inc.’s term loan B and senior secured notes, as well as B- rating and 5 recovery rating on the senior unsecured notes.

W/S Packaging is issuing $2.59 billion of debt to help fund its purchase of Multi-Color Corp., S&P said.

The agency said it removed the ratings on W/S, including the B issuer credit rating, from CreditWatch, where they were placed with negative implications in March.

The agency said it intends to withdraw the ratings on Multi-Color following the close of the transaction.

The negative outlook reflects the high leverage, potential integration risks and unrealized status of synergies associated with the acquisition, S&P said.

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