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S&P assigns Kraft Heinz notes BB+
S&P said it assigned its BB+ issue rating to Kraft Heinz Co.'s proposed senior unsecured notes due 2027 and 2030, which are being offered to qualified institutional buyers under Rule 144A.
The notes will be issued by Kraft Heinz Foods Co. and guaranteed by Kraft Heinz Co. The recovery rating on the proposed notes is 3, indicating creditors could expect meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.
“We expect the proceeds from the proposed leverage-neutral offering will be used to fund the tender offer for certain specified senior unsecured note issuances, and the conditional redemption of all or a portion of the 3.375% senior notes due 2021, of which there is $300 million outstanding,” said S&P in a press release.
“All of our existing ratings, including our BB+ issuer credit rating, are unchanged,” the agency said.
The outlook is negative.
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