S&P gives ACCO notes BB-

Standard & Poor's said that it assigned its issue-level and recovery ratings to ACCO Brands Corp.'s proposed new $425 million senior secured notes due 2015.

The proposed notes are rated BB-, one notch higher than the B+ corporate credit rating on the company and the recovery rating is 2, the agency said.

S&P added that ACCO will use the net proceeds from this proposed new issue, along with borrowings under a proposed new multicurrency $175 million asset-based revolving credit facility (unrated), to refinance and replace its existing senior secured credit facilities and accounts receivable securitization program (unrated) and pay transaction and related costs.

At the same time, S&P said it lowered its issue-level rating on ACCO's existing senior subordinated notes to B- from B following a revision in the recovery rating on this unsecured subordinated debt to 6 from 5.

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