S&P assigns B- to LABL notes

S&P said it assigned B- issue-level and 3 recovery ratings to LABL Inc.'s planned $300 million of senior secured notes due 2028. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery in default.

“Our CCC+ issue-level and 5 recovery ratings on LABL's senior unsecured notes are unchanged. Our B- issuer credit rating and stable outlook on LABL are also unchanged,” S&P said in a press release.

The company intends to use the proceeds to fund the purchase of its acquisition target, repay borrowings under its asset-based lending facility, pay transaction-related fees and expenses, and for general corporate purposes.

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