S&P rates Energizer notes B

S&P said it assigned its B issue-level rating to Energizer Holdings Inc.'s planned $250 million of senior unsecured notes due in 2027. The recovery rating is 5, indicating creditors could expect modest (10%-30%; rounded estimate: 10%) recovery in default.

The notes will be guaranteed by certain Energizer domestic subsidiaries that guarantee obligations under the credit agreement.

Energizer is expected to use the proceeds from the leverage-neutral offering to repay borrowings under its revolving credit facility.

“Additionally, we affirmed our BB issue rating and 1 recovery rating (90%-100%; rounded estimate: 90%) on the senior secured debt following the revolver upsize in January 2022. All of our other ratings, including our B+ issuer and B unsecured notes ratings, are unchanged. Our 5 recovery rating (10%-30%; rounded estimate: 10%) on the senior unsecured debt is also unchanged,” S&P said in a press release.

The outlook is stable.

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