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S&P gives Mauser Packaging notes B
S&P said it assigned B issuer-level and 3 recovery ratings to Mauser Packaging Solutions Holding Co.'s planned senior secured first-lien notes due April 2027. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default.
On April 1, Mauser announced its offer to exchange any of its $2.75 billion of 7 7/8% senior secured first-lien notes due August 2026, also rated B with a 3 recovery rating, for new 7 7/8% senior secured first-lien notes due April 2027. In connection with the exchange offer, Mauser announced a $100 million add-on to the April 2027 notes.
Mauser also completed an extension and repricing of its $792 million first-lien term loan. As part of this transaction, the company extended the facility's maturity by eight months to April 15, 2027, from Aug. 15, 2026, and reduced its interest rate by 50 basis points to SOFR plus 3.5%.
The outlook is stable.
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