Moody's affirms Beverage Packaging

Moody's Investors Service said it affirmed Beverage Packaging Holdings I SA's provisional Ba2 (LGD2, 20%) senior secured bank debt and Beverage Packaging Holdings (Luxembourg) II SA's provisional B2 (LGD4, 63%) senior notes and provisional B3 (LGD5, 89%) senior subordinated notes.

The corporate family rating is B1, and the outlook is stable.

The agency's action follows the revised debt structure that cut the bank debt portion to €695 million from €825 million and increased the amount to be issued for the senior notes to €480 million from €450 million and for the senior subordinated notes to €420 million from €320 million.

Following the revision, the bank debt portion will include a €85 million revolving credit facility, €305 million term loan B and €305 million term loan C.

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