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S&P rates Pretium loans B-, CCC
S&P said it gave B- and 3 recovery ratings to Pretium Packaging LLC’s (Poseidon Investment Intermediate LP) planned $1.215 billion first-lien term loan due 2028. The agency also assigned CCC issue-level and 6 recovery ratings to the company's proposed $365 million second-lien term loan due 2029.
Concurrently, S&P lowered Pretium’s issuer rating to B- from B.
Pretium will use the proceeds to fund an acquisition and refinance its capital structure.
“The downgrade reflects the increase in the company's debt leverage under its new capital structure,” S&P said in a press release.
The outlook is stable.
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