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S&P puts Albea Beauty on watch
S&P said it placed the ratings for Albea Beauty Holdings and Hercule Debtco Sarl on CreditWatch developing. The agency also put the B issue rating on Albea’s senior secured term loan (dollar and euro tranches) and the CCC+ issue rating on Hercule Debtco’s $150 million pay-if-you-can notes on CreditWatch developing.
The CreditWatch placement follows Albea’s Jan. 27 announcement, it agreed to sell its dispensing systems unit to Silgan Holdings Inc. for $900 million. This transaction also includes the sale of metal parts manufacturer Covit (Spain and U.S.) and Albea’s business in Brazil. The transaction is subject to regulatory approvals and expected to close by the end of the second quarter or early July.
“We expect the remaining Albea business to generate weaker EBITDA margins: The dispensing segment has EBITDA margins of about 19%, while Albea’s overall margin stands at about 12%-13%. The disposal will thereby negatively affect our assessment of Albea’s business risk profile,” S&P said in a press release.
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