S&P rates Schoeller Packaging notes B

S&P said it assigned a B issuer credit rating to Schoeller Packaging BV and a B issue rating and 4 recovery rating to the proposed €250 million senior secured notes.

The outlook is stable.

Schoeller Packaging has announced the refinancing of its €210 million senior secured notes due 2021 and €30 million revolver borrowed by Schoeller Allibert Group BV. Once the refinancing successfully completes, S&P said it will withdraw the issuer credit rating on Schoeller Allibert and the issue ratings on the €210 million senior secured notes, because they will have been repaid.

Schoeller Packaging is proposing to issue €250 million senior secured notes and to raise a €30 million revolver.

“We now assess Schoeller Allibert's liquidity as less than adequate as the company’s negative cash generation has led to additional drawdowns under its €30 million RCF due 2021, which is now almost fully drawn. We will revise our liquidity assessment upon successful completion of the refinancing,” S&P said in a news release.

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