Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for Graphic Packaging International, LLC > News item |
S&P rates Graphic Packaging notes BB+
S&P said it assigned a BB+ rating and 3 recovery rating to Graphic Packaging International LLC's proposed $300 million senior unsecured notes.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The proceeds will be used for general working capital purposes.
All of the other ratings on Graphic Packaging are unchanged.
The agency said it believes Graphic Packaging's underlying business would continue to have considerable value and expect that it would emerge from bankruptcy rather than pursue liquidation.
S&P also said it assumes the company will seek covenant amendments on its path to default, resulting in higher interest costs.
© 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.