S&P rates Schur Flexibles loan B

S&P said it assigned its preliminary B long-term issuer credit rating to Schur Flexibles GmbH and its preliminary B issue rating to the proposed term loan B. The recovery rating on the senior secured term loan B is 3, indicating an expectation of meaningful recovery (rounded estimate: 50%) in the event of a payment default.

The outlook is stable.

Austria-based investment holding company B&C Group acquired 80% of flexible packaging maker Schur Flexibles Holding GmbH from Lindsay Goldberg in May 2021. As a part of this acquisition, Schur intends to refinance its existing debt with a new €475 million senior secured term loan B maturing in 2028, alongside a €100 million senior secured revolving credit facility.

Proceeds will be used to repay existing debt (€390 million), repay a B&C subordinated loan (€50 million), purchase a minority interest (€18 million), and pay transaction fees (€17 million), S&P said.

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