S&P gives Crown notes BB, B+

S&P said it assigned its BB issue-level rating to Crown European Holdings SA’s proposed €335 million senior unsecured notes due 2023 and €600 million senior unsecured notes due 2026.

The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.

At the same time, the agency assigned a B+ issue rating to Crown Americas LLC and Crown Americas Capital Corp. VI’s proposed $750 million senior unsecured notes due 2026. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of default.

The company intends to use the net proceeds from the offerings along with available funds, which include the recently proposed senior secured term loans, to finance its pending $4 billion acquisition of Signode Industrial Group.

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