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S&P rates Trident TPI loan B-
S&P said it assigned B- issue-level and 3 recovery ratings to Trident TPI Holdings Inc.'s (doing business as Tekni-Plex) planned $125 million non-fungible incremental first-lien term loan. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default.
The company has agreed to acquire a specialty packaging provider, and will fund the acquisition primarily with the proceeds from the incremental first-lien term loan, as well as from $37 million in a delayed draw term loan.
The B- issuer credit rating on Tekni-Plex is unchanged, and the outlook remains stable.
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