S&P affirms Nordic Packaging

S&P said it affirmed its B long-term issuer credit ratings on Nordic Packaging & Container Holdings Ltd. and Nordic Packaging & Container (Finland) Holdings Oy.

The outlook remains stable.

The agency also affirmed the B issue rating on the remaining €140 million senior secured term loan B borrowed by Nordic Packaging & Container (Finland). S&P revised the recovery rating to 3 from 4, indicating higher recovery expectations of 50%-70% (rounded estimate: 50%) in the event of a payment default.

The company used the proceeds from the disposal of the Powerflute business to repay debt of about €175 million under the term loan B and fund dividends of €200 million.

“We expect NPAC's credit metrics to remain commensurate with a B issuer credit rating and forecast the company's S&P-adjusted debt to EBITDA leverage to be close to 4.4x at year-end 2018,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.