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S&P rates Berry Global notes BBB-
S&P said it assigned its BBB- issue-level rating and 2 recovery rating (rounded estimate: 70%) to Berry Global Inc.’s proposed benchmark-sized first-priority senior secured notes.
Proceeds, expected to be in the $400 million-$500 million range, will be used to reduce debt on its term loan due October 2022 ($1.545 billion outstanding at its Sept. 26, 2020, fiscal year-end).
The issuer credit rating remains BB+, and the outlook remains stable on Berry Global, S&P said.
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